UK Mortgages Ltd Monthly Factsheet March
May 16 2016 - 4:11AM
UK Regulatory
TIDMUKML
31/03/2016
UK Mortgages Limited
(a closed-ended investment company incorporated in Guernsey with registration
number 60440)
Investment Update
The Board of UK Mortgages Limited (the "Company") and TwentyFour Asset
Management LLP (TwentyFour) are pleased to present an update on progress with
further investments.
Existing transactions
The portfolio has continued to perform as expected, with just one loan in
arrears out of a total 1703 accounts, which has since cured and is now fully
current. This performance is materially better than the industry average.
New transactions
The portfolio management team remains fully engaged on a number of prospective
opportunities with the aim of fully investing the Company's capital in as
timely a manner as possible. As stated previously, transactions are generally
subject to non-disclosure agreements, as full disclosure before final closing
would lead to a loss of competitive advantage. However, we have endeavoured to
provide as much detail as possible on deal progression.
1 - The Mortgage Lender (TML)
The fund has continued to make steady progress with an exclusive arrangement
with TML. Since the last NAV publication, we have finalised the mortgage
product details, hedging and other key parts of the transaction, and are
currently working on the final component which is interim financing
pre-securitisation. This deal is expected to close within the next 4-6 weeks
and we will inform investors when completion has taken place.
2 - Vintage pools
We are in continued discussions on two vintage pools of mortgages. Both of
these pools were originated pre-2007, and are different in nature and from
different originators. Neither sale is driven by asset performance, which is
strong in both cases. Both pools are more than large enough to enable a public
senior securitisation subsequent to initial purchase.
3 - Buy to Let
The news regarding this segment is unchanged from the previous month.
TwentyFour continues to be in discussions with a mainstream mortgage lender
regarding a portfolio of newly originated BTL loans, although timing
expectations on this are now likely to fall into Q3 2016.
4 - New Opportunities
The team is fully engaged in a pipeline of additional investments for the Fund
and will continue to keep investors updated on progress as and when
appropriate. We have been pleased to note that a couple of the transactions we
are considering are as a result of reverse enquiries from seasoned market
participants.
5 - Business Developments
From a business perspective, the team has been bolstered by the addition of
further resource. The mortgage business is now supported by three partners and
five further professionals. This demonstrates the commitment of time and
resources that we have given to the strategically important business line.
Copies of the factsheet can be downloaded from the Company's website:
www.twentyfouram.com/funds-and-services/uk-mortgages-ltd
Or can be viewed here:
http://content.prnewswire.com/documents/
PRNUK-1605160909-A2C0_UK_Mortgages_Ltd_Factsheet_March_2016_CC.pdf
For further information, please contact:
John Magrath +44 (0)20 7015 8900
END
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