Coinciding as the first RMBS backup servicing deal that Lenvi Standby Servicing has supported since the achievement of Lenvi’s RPS2- Fitch rating, we are happy to announce our recent role as backup servicer to Selina on their £271m public RMBS trade, Odyssey Funding. The trade was run by leading RMBS book-runner, BNP Paribas, together with Waterfall Asset Management (WAM).
The trade marks a fantastic milestone for Selina as they enter public markets, further illustrating their strength in a highly competitive market. It is also great news for the UK market as the first UK RMBS deal to securitise HELOCs. As providers of 2nd charge residential mortgages this deal unlocks new sources of funding to support continued growth and innovation, while further increasing market confidence by showcasing the strength and reliability of second charge mortgage assets.
Lenvi Standby Servicing was introduced on to the deal given our prior relationship with Selina, and we are privileged to continue our work with them on this exciting and pivotal step for the business.
We are grateful for Lenvi’s support in our first public securitisation. Their tech-first approach to backup servicing truly sets them apart – delivering rigorous portfolio oversight and seamless collaboration. Odyssey is the first public securitisation in the UK including HELOCs and Lenvi's deep sector expertise and ability to understand the asset class makes them a great partner.
Andreas Georgiou, Head of Strategic Finance - Selina Finance
Selina have achieved remarkable success through implementing rigorous controls and a customer centric focus, and it has been a pleasure to partner with them on this trade. Lenvi are proud supporters of the RMBS market and are very excited to partner with Selina and be a continuing part of their growth story.
Owain Chambers, Director of Capital Markets Sales - Lenvi
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