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Basecorp secures more funding

Non-bank lender Basecorp has finalised its biggest funding raise to date.

Friday, May 27th 2022, 4:36PM 1 Comment

The Hamilton-based company has raised $300 million through its securitisation programme.

This is its third capital markets RMBS transaction to date and brings the total raised through this programme to $800 million.

"The transaction positions Basecorp strongly for continued growth through 2022 despite a slowing property market, as non-bank system growth continues to remain elevated and significantly above bank system growth," Basecorp chief financial officer John Moody says.

“The team is proud of this transaction, concluded during a backdrop of rising economic and geopolitical concerns, and we are very grateful for the continued support of Basecorp’s funding programme by investors.

"Basecorp’s focus is on consistency, relationships, and price competitiveness, and the new funding coupled with the competitive note pricing received across all tranches will allow us to offer a compelling proposition to advisers over the remainder of 2022.”

Moody says the adviser channel has been a key part of Basecorp’s growth, with a book size now above $1billion following significant momentum in the last few years. Floating interest rates are currently risk priced from 6.95% post the most recent Reserve Bank OCR increase.

“The support from the adviser channel has been really pleasing, they are an integral part of our success, and we are delighted to secure this funding to continue to support the channel”, Moody said.

The issuance was $300 million and notes were rated AAA to BBB across six note classes by Fitch, with the transaction arranged by Westpac and lead managed by Westpac and BNZ. 

Tags: Basecorp

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Comments from our readers

On 27 May 2022 at 4:55 pm JeffQV said:
Great result from a great lender. More to come I'm sure.

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Lender Flt 1yr 2yr 3yr
AIA 5.95 4.85 5.35 5.65
ANZ 5.94 ▲5.95 ▲6.40 ▲6.59
ANZ Blueprint to Build - - - -
ANZ Special - ▲5.35 ▲5.80 ▲5.99
ASB Bank 5.85 ▲5.35 ▲5.80 ▲5.99
Avanti Finance 5.95 - - -
Basecorp Finance 6.95 - - -
Bluestone 5.89 7.49 8.09 8.19
BNZ - Classic - ▲5.35 ▲5.69 ▲5.99
BNZ - Mortgage One 5.94 - - -
BNZ - Rapid Repay 5.94 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.94 ▲5.95 ▲6.29 ▲6.59
BNZ - TotalMoney 5.94 - - -
CFML Loans 6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Co-operative Bank - First Home Special - ▲4.75 - -
Co-operative Bank - Owner Occ 5.85 ▲4.85 ▲5.35 ▲5.65
Co-operative Bank - Standard 5.85 ▲5.35 ▲5.85 ▲6.15
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.95 5.45 -
Heartland Bank - Online 4.10 ▲4.40 ▲4.90 ▲5.10
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.10 5.00 5.75 -
HSBC Premier 5.89 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.25 4.39 5.09 5.45
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 5.50 5.85 6.19 6.39
Kiwibank - Offset 5.50 - - -
Kiwibank Special 5.00 4.85 5.19 5.39
Liberty 4.84 - - -
Lender Flt 1yr 2yr 3yr
Nelson Building Society 6.45 ▲5.55 ▲6.15 -
Pepper Money 4.49 - - -
Resimac 6.19 5.60 6.16 6.29
SBS Bank 5.79 5.05 5.69 5.89
SBS Bank Special - 4.55 5.19 5.39
Select Home Loans 4.09 4.29 4.86 5.09
TSB Bank 5.59 5.14 5.79 6.15
TSB Special 4.79 4.34 4.99 5.35
Unity 5.65 4.95 5.55 -
Wairarapa Building Society 5.74 4.95 5.75 -
Westpac 5.94 ▲5.95 ▲6.29 ▲6.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.94 - - -
Westpac Special - ▲5.35 ▲5.69 ▲5.99
Median 5.85 5.00 5.69 5.99

Last updated: 23 June 2022 9:02am

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