Credit Suisse Plans U.K. Buy-to-Let RMBS

Register now

Credit Suisse is planning to issue a £200.2 million ($314 million) securitization backed by U.K. buy-to-let and owner-occupied non-conforming residential mortgage loans, from its Alba series. 

The deal called Alba 2013-1 that has been assigned preliminary ratings of ‘AAA’ by Standard & Poor’s.Alba 2013-1 will be the first Alba issuance in 2013.

THe securitization backed by U.K. buy-to-let and owner-occupied non-conforming residential mortgage loans made by Edeus Mortgage Creators, Kensington Mortgage Company, Amber Homeloans  and Paratus AMC.

Of the collateral pool, Edeus Mortgage Creators originated 51.67%, Paratus AMC (formerly known as GMAC-RFC Ltd.) originated 45.83%, Amber Homeloans 1.62%, and Kensington Mortgage Co. Ltd. (KMC) 0.88%.

Engage Credit will service all of the loans in the pool. Engage is under common majority ownership with Oakwood Global Finance. 

For reprint and licensing requests for this article, click here.