Business
Sale of residual economic interest in RMBS
Sale of residual economic interest in RMBS.
About this update from Lendinvest Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\nLEI: 213800NWMK3O4UWP9N91\n5 January 2024\n \nLendInvest plc\n \nSale of residual economic interest in securitisation\n \nLendInvest plc (AIM: LINV, \"LendInvest\" or the \"Group\"), a leading platform for mortgages has, through its LendInvest BTL Limited subsidiary, successfully completed the sale of its non-risk retention residual economic interest in the Mortimer BTL 2023-1 plc securitisation for a net consideration of £5 million. Citi's secondary trading desk managed the sale process and purchase for onward sale.\n \nIn line with the Group's strategy to optimise its funds under management, while at the same time moving more assets off its balance sheet, the transaction will result in a reduction in the Group's gross loans and advances of c£392 million. The transaction will generate a net pre-tax gain of c£12.1 million for FY2024.\n \nRod Lockhart, Chief Executive Officer of LendInvest, said: \"We are delighted to have successfully completed this sale, which will strengthen our balance sheet, and underlines our focus on returning the business to profitability.\n \n \n \n \n--Ends--\n \n \nEnquiries:\nLendInvest via Teneo +44 (0)20 7353 4200\nRod Lockhart, Chief Executive Officer &nb...