The total transaction includes £264.5m of debt in 30 loans secured on UK commercial property. The securitisation is structured as £236m of investment grade bonds, and £28.5m of subordinated participations in the first mortgage loans were sold outside the securitization vehicle.
Deutsche Bank's new lending product combines the attractive pricing of securitized loans with the flexibility of traditional balance sheet lending. By continuing as servicer after securitization, Deutsche Bank also ensures that its relationship with borrowers is not lost.
The loans were originated by Deutsche Bank's UK small business, which was launched to borrowers in late 2004. Ranging in size from £1m to £46m, the loans are secured on a range of commercial properties spread throughout the UK, including offices, retail, industrial, residential, hotels and pubs. Deutsche Bank has been able to originate loans for securitization that other securitized lenders have not had the reach to access.
"We are pleased to have achieved our goal of becoming a full service lender to the property industry," said Morgan Garfield, head of UK small loans.
"By combining attractive pricing, flexibility and relationship lending, we are positioning ourselves as the borrower friendly face of the securitization market. Our balance sheet lending supports this by focussing on development and trading opportunities."
Deutsche Bank plans to grow its property lending business in the UK throughout 2005.
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With roughly Euro 840 billion in assets and approximately 65,400 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
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