Dentons’ cross border team is very pleased to have advised Bluestone Mortgages on its most recent RMBS transaction, Genesis Mortgage Funding 2022-1.

The transaction, a £250 million specialist RMBS, is the second issue under the Genesis programme, and refinances portfolios of loans held in two warehouse structures. The pool comprises first-ranking, owner-occupied and buy-to-let mortgage loans, originated and serviced by Bluestone Mortgages Limited, and secured on properties in England, Wales and Scotland.

This follows the first issue made in August 2019 through Genesis Mortgage Funding 2019-1.

The arrangers were Macquarie Bank and National Australia Bank.

Bluestone Mortgages is the residential lending arm of Bluestone Group, a fast growing European specialist lending and fintech business with its headquarters in Cambridge and offices in London, Sheffield and Dublin. Founded in 2000, Bluestone employs a team of over 225 professionals and specialises in secured and unsecured loan origination, portfolio servicing and cloud based technology development in the financial services sector.

Peter Voisey, partner and co-head of Dentons’ UK Securitisation and Structured Finance practice who led on the transaction, said: “We were very pleased to have the opportunity to work with Bluestone on the transaction. We are currently seeing increasing demand for issuance by non-bank lenders such as Bluestone. The successful pricing and significant investor demand, in an uncertain market environment, was testament to the strength of the Bluestone name in the UK mortgage market.”

Andrew Voss, CFO of Bluestone Mortgages, said: “Despite challenging economic conditions, we are pleased to have completed this milestone transaction which has been supported by core investors and advisors, including Dentons. This is our second securitisation to date and will be a significant step forward to ensure we are in a robust funding position to support the growing number of underserved customers we are seeing in the market.”

Alongside lead partner Peter Voisey, the Dentons team included securitisation associates Kamraan Akhtar, Jimmy Yang and Rita Castelo-Ferreira, derivatives partner Matthew Sapte, tax partner Alex Tostevin and associate Ivan Jelocnik (all in London), partner Stuart Fitzsimmons and banking and finance consultant Morag Campbell (both in Glasgow).