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West Brom completes first residential deal

The West Brom has completed its first residential mortgage securitisation, via a £320m buy-to-let financing transaction.

The transaction, called Hawthorn 1, made up of mortgages generated through the society’s intermediary lending brand, West Brom for Intermediaries, and was completed via its non-member arm, West Bromwich Mortgage Company.

Gary Cowdrill, finance director at West Brom, says: “We’re delighted to have successfully completed out first securitisation deal, which gives the West Brom greater access to the capital markets and supports our ambitious growth plans for the future.

“It has been a steep learning curve for everyone in the business, but we are now busy planning our next securitisation deal, Hawthorne 2, which we hope to complete during the next few months.”

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