GMAC-RFC announces seventh portfolio sale to Britannia

GMAC-RFC, the UKs 10th largest mortgage lender, announced its seventh portfolio sale worth circa 461m to Britannia Treasury Services, the structured finance function of Britannia.

This blended portfolio sale is due to complete on the September 30 2005 and will take the total value of assets traded to Britannia to 1.73bn.

Craig Beresford, head of asset sales at GMAC-RFC, says: “We are excited to be enhancing our existing partnership with Britannia with this sale. This is our seventh portfolio sale to BTS and further emphasises our position as the UKs first point of call for buyers of mortgage portfolios.

“GMAC-RFC will continue to lead the UK market in the creation and trading of mortgage assets throughout 2005. We look forward to further transactions with existing partners such as Britannia Treasury Services and to establishing new trading relationships as we expect demand for assets to increase during this year.”

Britannia board member Gerald Gregory says: “This deal with GMAC-RFC reinforces an excellent relationship we are keen to continue. This is another significant step in our strategy of continued growth and of delivering value to our members and reflects the increasing importance of our secondary market activities”