Fleet Mortgages, the buy-to-let specialist lender, has today announced it has agreed a new funding partnership with asset manager, One William Street (OWS) Capital Management.
The additional funding secured by Fleet Mortgages through this new deal with New York-based OWS brings the amount of money the lender has to lend in the UK buy-to-let market up to £1.4 billion.
OWS is an alternative investment adviser founded in 2008 and managing multiple investment strategies focused primarily on asset-based and structured credit opportunities in North America and Europe. It is 100% employee-owned with more than 65 employees and holds over $4 billion of assets under management.
Fleet Mortgages and OWS have worked together before with the asset manager investing in a previous Fleet loan book series, with the lender saying this new relationship shows the confidence OWS has in its operation plus the UK’s mortgage sector.
Since returning to lending in April this year, following a brief period out of the market, Fleet Mortgages has attracted over £600m of new business enquiries and it says this new funding partnership will allow it to grow its product offering in its three core buy-to-let product areas: standard, limited company, and HMO/multi-unit blocks.
Bob Young, Chief Executive Officer of Fleet Mortgages, commented: “This new funding partnership with OWS cements our position in the UK mortgage market and provides Fleet Mortgages with a considerable amount of new funding to lend in the buy-to-let sector. It also shows that we are an attractive operation for global investment players and that, even from the perspective of a New York-based business, there is plenty to be positive about in the UK buy-to-let sector and those who operate at the quality end of it.
“During 2019 alone we have secured £1.4 billion of funding and we will be utilising this relationship with OWS to ensure we have a highly competitive product offering, and that we can offer buy-to-let mortgage products which are priced well and are available in areas of the sector which are seeing strong demand. Our focus will remain on the professional and portfolio landlords, those utilising limited companies, and on areas such as HMOs where borrowers are seeking higher yields.
“This is an extremely positive announcement to be making, not just for Fleet Mortgages but the entire UK buy-to-let market. It will allow us to move to the next stage in our development as we maintain our focus on buy-to-let ensuring we provide all the support we can to advisers and their clients.”