Precise Mortgages plans to issue £235 million ($402 million) of securities backed by non-conforming U.K. mortgages, according to a presale report from Standard & Poor’s.

Precise Mortgage Funding 2014-1 is the second ever deal in which Charter Court Financial Services Ltd., under its trading name of Precise Mortgages, has originated all of the loans. The first transaction, Precise Mortgage Funding No. 1 PLC (PMF1), closed in December 2013.

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