Lendco has completed its second public buy-to-let mortgage-based securitisation valued at £384m, which it says was oversubscribed despite volatile market conditions.

The broker-only specialist lender says the deal refinances loans secured on residential properties in England and Wales held in a warehouse facility and was taken up by EU and UK investors.

The transaction, which closed on 12 May, was co-arranged by HSBC and BNP Paribas. Joint lead managers were HSBC, BNP Paribas and NatWest Markets.

Lendco managing director Simon Knight says: “We are delighted to have completed this second securitisation which secures funding for an additional four years and reflects continued investor confidence in Lendco’s platform.”

“This second securitisation is further evidence of our intention to be a sustained and programmatic issuer in the capital markets.”

London-based Lendco, formed in 2018, is a joint venture between intermediary SPF Private Clients and investment firm Cabot Square Capital.

It provides buy-to-let mortgages and bridging loans to experienced professional landlords and property investors. The business has originated more than £1bn of loans since its launch.

The move follows the lender’s first securitisation worth £314m last February, called Atlas Funding 2021-1. This pool of largely buy-to-let loans were originated between 2018 and 2020, with almost 82% of the properties based in London and the South East.

This refinancing also saw BNP Paribas and HSBC act as joint arrangers and joint lead managers. NatWest Markets acted as joint lead manager.