Moody’s this week downgraded an RMBS from debut issuer LendInvest less than two weeks after the online mortgage lender brought the UK prime buy-to-let deal to market. The episode is a rare occurrence in the European securitization market.
The £259m Mortimer 2019-1 deal received a triple-A rating for the senior class, or 83% of the securitization, from both Moody’s and Fitch. It was the first securitization issued by a fintech firm which also originated the assets, rather than purchased and securitized by a third party. The senior
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