Dilosk raises €286m refinancing mortgages in bond market

Dilosk, a buy-to-let mortgage lender, said on Friday it had completed a €286 million bond offering, backed by performing Irish loans in its second such deal.

The company, which started off in 2014 with the acquisition of Bank of Ireland’s ICS Mortgages brand and portfolio of loans, said that it received about €500 million of investor demand for its latest offering.

Dilosk, led by chief executive Fergal McGrath, also said it had completed the purchase of a €182 million portfolio of Irish residential mortgages that were written by Leeds Building Society, which has quit the market.

“Both these transactions represent a significant milestone for Dilosk and are part of our long-term growth plan, focusing on acquisition of performing mortgage portfolios, which complements our new mortgage lending,” Mr McGrath said.

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All told, Dilosk now has a total loan portfolio of €600 million, helped by the company’s entry into fresh buy-to-let mortgage lending early last year under the ICS brand.

The completion of the €286 million residential mortgage-backed securitisation deal follows on from a similar €200 million-plus transaction in 2015.