We are pleased to announce the establishment of a £20 million secured medium term note (“MTN”) programme for specialist property lender Lendco Limited (“Lendco”).
Lendco provides lending to experienced property professionals through buy-to-let (“BTL”) and bridging mortgages. The company was established in 2018 and is backed by private equity firm Cabot Square Capital and is led by a highly experienced management team.
Lendco’s “can-do” approach to lending and manual underwriting approach allows it to underwrite risks that larger lenders with scorecard criteria are not able to. It has originated over £1.3bn of mortgages since inception and never experienced a capital loss due to its robust credit policy and underwriting expertise.
The programme will provide Holdco-debt style funding to Lendco, allowing it to leverage the significant value it has generated in its public securitisation programme and continue its strong growth trajectory.
Adrian Scragg, Director of Treasury, Capital Markets and ESG, Lendco Limited, said: “This programme represents another strategic milestone for the business. We’re really pleased to have launched the MTN Programme and successfully navigated our first issuance under the programme. We really appreciate the support LGB gave us in the run-up to launching the programme and we look forward to working together in the future as we establish ourselves as a programmatic issuer.”
Fergus Rendall, Director, LGB Capital Markets, said: “It has been a pleasure to work with Lendco to establish its £20m MTN programme. LGB and our investor base have been impressed with Lendco’s robust business model and the calibre of its management team. The programme has further expanded our presence in the specialist property lending space. We expect Lendco to become a programmatic issuer of notes going forward.”
Lendco’s new programme now brings the total value of programmes arranged by LGB to £395 million. More information on our MTN programmes can be found here.
