Taylor Wessing advises GMAC on host of portfolio sales

31-Aug-2005  |  Finance

Finance partner, Peter Shepherd, comments;

"Increasingly, levels of knowledge and credit understanding are driving the development of whole loan sales in the UK and Europe, following the example set by the US.  The whole loan sales market in the UK is growing rapidly and is estimated to be in the region of £10-20bn, with GMAC being a dominant player in this market.  We have been advising GMAC on whole loan sales since 2002 and have advised on approximately £1.3bn worth in the last eight months."

Taylor Wessing has advised GMAC-RFC Limited, the U.K.'s 10th largest mortgage lender (joint with Bradford & Bingley), on a host of recent portfolio sales to, among others, Dunfermline Building Society, Mortgage Express and West Bromwich Mortgage Company Limited.

Taylor Wessing has acted for GMAC-RFC on the following transactions:

  • the sale of a mortgage portfolio valued at £99m to Dunfermline Building Society
  • the sale of two mortgage portfolios for considerations of £248m and £210m respectively to Mortgage Express, a subsidiary of Bradford & Bingley Plc
  • the sixth substantial portfolio sale to West Bromwich Mortgage Company in a deal worth £142m.  This latest deal with West Bromwich comprised a blended pool of prime, buy to let and self-cert products
  • a further sixth portfolio sale to Amber Homeloans Ltd.  This £150m deal comprises a blended pool of prime, buy to let and self-cert products
  • the sale of a mortgage portfolio to Britannia Building Society worth £244m
  • the sale of a mortgage portfolio to Derbyshire Home Loans for £105m

and finally

  • the sale of a mortgage portfolio to E-Mex (Cheshire Building Society) for a consideration of £128m.

Peter Shepherd and his team advised on all of these various transactions.