Aldermore has announced the completion of a RMBS transaction worth £325m of new funding for the bank.

Oak No.2 PLC is the first RMBS transaction sponsored by Aldermore since its inaugural Oak deal in 2014, which raised £333m, and is backed by a portfolio of prime UK owner-occupied residential mortgages originated by Aldermore.

Stephen Grainger, group treasurer at Aldermore, said: “This is a fantastic achievement for the Bank in showing its continued diversification and access to wholesale markets despite a four-year absence from the securitisation market.

“The proceeds will support our loan book growth to SMEs, homeowners, landlords and individuals as we continue to provide them with “banking as it should be.”

Aldermore recently announced an increase in net lending to customers, reaching a total of £9bn for the 18 months to 30 June 2018.