Aura Group is pleased to report the sale of Finsure by BNK Banking Corporation Limited to MA Financial Group Ltd for cash consideration of $151.6m
BNK partners with large domestic bank and Blackstone for $250m funding program
The new facility is the first milestone in BNK’s securitisation program and comes at a time when funding costs in the RMBS market are extremely attractive
Aura Group is pleased to announce that BNK Banking Corporation Limited (ASX:BBC) (“BNK”) has signed definitive legal documents for a A$250,000,000 prime residential mortgage warehouse program named the Bullion Warehouse Trust No.1 with a large domestic bank and Blackstone as key funding partners.
The principals of Aura Group co-founded Finsure Group which later merged with ASX listed Goldfields Money Limited in 2018 to create BNK. Aura Group was an early investor and advisor to Finsure Group including its merger with Goldfields Money.
A$250,000,000 facility limit
3 year availability period (subject to annual reviews)
Senior funding to the warehouse program is provided by a large domestic bank
Junior funding to the warehouse program is provided by BNK and funds managed or advised by Blackstone
Perpetual Corporate Trust to act as Trustee, Security Trustee and Custodian
The new facility furthers a number of the BNK’s objectives, including:
Diversifying funding sources including securitisation;
Increasing funding stability, directly supporting lending growth aspirations; and
Broadening product capabilities in the mortgage sector.
The new facility is the first milestone in BNK’s securitisation program and comes at a time when funding costs in the RMBS market are extremely attractive.
Brett Morgan, CEO of BNK Bank said “The establishment of our first warehouse and securitisation program puts in place one of the key foundations to support BNK’s growth aspirations. This funding will improve loan economics and competitive positioning. It’s another key milestone for BNK following our inaugural Tier 2 Hybrid issuance in January. We look forward to working with our new partners to continue our strong growth trajectory.”
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