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Keystone completes first securitisation

Jake Carter

January 18, 2021

Keystone Property Finance has completed its first securitisation and appointed Elise Coole as managing director.

The £400m securitisation, Hops Hill No.1 PLC, is the first to include an element of pre-funding according to the lender.

This means that a proportion of the issue includes loans currently in the pipeline, since the start of the coronavirus crisis.

The mortgages securitised were originated under a forward flow agreement between Keystone and UK Mortgages Limited (UKML).

Keystone and UKML will use the capital released from the deal to boost further lending and to bring new, innovative and competitively priced products to the broker market in 2021.

Furthermore, Elise Coole has been promoted from chief operating officer to the position of managing director.

Coole has over 15 years’ experience in the world of credit and lending, having spent time at Commerzbank AG and Heylo Housing.

Coole said: “This securitisation represents a landmark moment for Keystone and is another nod to the skills, capability and years of dedication put in by our superb team here in Kent.

“The fact we were able to attract such strong investment in the middle of a global pandemic is a testament to the quality of the lending the team here carry out on a daily basis and the confidence investors have in that process.

“This deal, and our second warehouse, gives us even more certainty during trying times for the mortgage market and the wider world and will allow us to bring exciting and competitively priced products to the broker market in the coming weeks and months.

“I’m thrilled to be taking over as managing director of Keystone at what is such an exciting time for the company.

“I can’t wait to play my part in building on that and growing Keystone’s presence in the market in the coming weeks and months.”

Rob Ford, founding partner and portfolio manager of TwentyFour Asset Management, added: “We’re delighted with the relationship we’ve developed with Keystone over the last two years and the quality of the mortgage pool we built together was borne out by the overwhelming reception the securitisation received, despite the difficult times the world continues to endure.

“We are already looking forward to building a second portfolio, and furthering our relationship as we build out the product range.”


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