Amber Homeloans Limited has announced the sale of a residential mortgage portfolio with a value in excess of £150m to Redstone Mortgages PLC. This is the largest transaction undertaken by Amber in 2004 and takes the total value of assets traded through the £2bn barrier.
The portfolio was made up of assets covering the full range of sub-prime lending and is the first acquisition made by Redstone, who will look to make further acquisitions in the near future.
Amber was advised in the transaction by Pinsents (Leeds office) and Redstone was advised by Sidley Austin Brown and Wood (London office).
Gordon Jolly, managing director of Amber, says: “We are delighted to partner Redstone in their first mortgage portfolio acquisition and have very much enjoyed working with them. It is hoped this will be the first of many transactions which has helped cement Amber's position in the asset trading market.”