Rochester Mortgages is readying a £403.2 million securitization of U.K. residential mortgages originated at the peak of the U.K. housing crisis, according to DBRS.
Rochester Financing No.2 PLC will issues notes to fund the purchase of loans secured over properties located in England, Wales, Northern Ireland and Scotland. As of October 2015, the portfolio consists of both owner-occupied and buy-to-let mortgage loans originated by DB UK (68.76%), Money Partners Limited (29.34%) and Edeus Mortgage Creators Limited (1.81%). DB UK offered mortgages in the specialist and non-conforming sectors through their network of brokers and packagers and ceased mortgage lending in 2008. MPL offered a range of mortgage products (fixed, variable, and discounted) and flexible secured loans. MPL and Edeus primarily offered mortgages to customers with adverse or non-standard credit.