Kensington Mortgages has doubled its secured funding lines to £2.6 billion in total – up from £1.3bn.
The increase consists of an £800 million upsizing to the existing Sloane Square warehouse facility, now valued at £2.1bn, and a new £500 million warehouse facility.
The increased capacity will help Kensington continue to support complex and underserved borrowers to get on the property ladder.
The new £500 million facility will fund the call of two existing securitisations (Finsbury Square 18-2 and Finsbury Square 19-1).
Alex Maddox (pictured), capital markets & digital director, Kensington Mortgages, said: “We’re delighted with the renewal and extension of our warehouse facility, which will provide funding capacity for new loans and allow Kensington to grow even faster, despite volatile market conditions. We’ve raised just over £16 billion of funding through warehouse lines and securitisations since 2015.
“Our aim is always to help underserved borrowers. We look beneath the surface and consider complex and multiple income sources and help those who otherwise may struggle to own a home. The business is seeing strong growth accompanied by stable returns and this is reflected in the strong appetite amongst investors for our securitisations.”
