View more on these topics

Commercial First gets bond upgrade

Commercial First has had two of its securitised mortgage backed bonds upgraded as part of a performance review of its transactions by ratings agency Fitch Ratings.

Mario Schmidt, associate director in Fitchs European structured finance department, says the upgrades “reflect the seasoning and the higher than originally modelled excess spread levels.

Commercial Firsts Business Mortgage Finance 1 Class M note has been upgraded to AA from A and its BMF1 Class B note has been upgraded to A- from BBB.

Its BMF2 Class M bond has also been upgraded to A+ from A.

The credit ratings on all other classes of notes in the first four instalments of the BMF programme have been affirmed.

Philip George, managing director of Commercial First, says: This is really good news for our securitisation programme, and reflects the excellent work of both our finance and servicing teams. It is good news for the bond holders who can now enjoy an even stronger covenant whilst retaining the premium margin.

Considering some of the issues other securitising lenders have faced in 2006 this is a very positive result, and following on from the investment made by Lloyds Development Capital in the autumn of last year, is a really strong message about the strength of our business model.

Commercial First has completed five securitisations, totalling 1.1bn of commercial mortgage assets, since it started trading in 2003.


Edeus delivers first 24-hour remortgage

edeus has delivered the first 24-hour remortgage completion on its London & European instant funds service with John Charcol Associates.Alan Cleary, managing director of edeus, says: The instant funds service has been consistently delivering us a five-day application to completion cycle on remortgages over the past four months, but this is the first opportunity L&E […]

Lepine firm asks to be struck off

First Class Mortgages has applied to the Financial Services Authority to have its authorisation to carry out regulated activity withdrawn.

Time to take key decisions about HIPs

There are just over four months to go until Home Information Packs become compulsory. Based on many conversations I had at the end of 2006 I am sure that few intermediaries are ready to take advantage of the commercial opportunity HIPs will bring.

HBOS appoints head of mortgages

Joe Higgins has been appointed head of mortgages at HBOS.He will oversee product development, and mortgage policies and strategies across the lenders five brands. Higgins, currently chief operating officer at Bank of Scotland Ireland, will take up his role from March 5. He has been with HBOS for 10 years. He will report to Peter […]

Burnett: what needs to happen for value to start performing again?

Value stocks have significantly underperformed growth stocks in Europe in the past decade. However, Rob Burnett, manager of the Neptune European Opportunities Fund, believes we are now approaching an inflection point. Watch the video below to find out more. In the video, Rob discusses: How low inflation and loose monetary policy since the global financial […]


News and expert analysis straight to your inbox

Sign up