Dilosk seeks to raise €210m in bond market

Mortgage lender to refinance portfolio of buy-to-let mortgages

Dublin-based mortgage lender Dilosk is seeking to raise €210 million in the international bond markets by refinancing a portfolio of buy-to-let mortgages.

It will mark the third such bond deal – known as a residential mortgage securitisation (RMBS) – in four years. The company started off in 2014 with the acquisition of Bank of Ireland’s ICS Mortgages brand and portfolio of loans.

It carried out a €200 million-plus RMBS on the original portfolio in 2015 and completed a €286 million bond deal, securitised against another portfolio of acquired Irish loans, which had originally been written by GE Capital and Leeds Building Society.

The latest pool of mortgages being refinanced through an RMBS deal relate to buy-to-let loans issued by Dilosk in recent years under the ICS brand.


“Our company’s long-term growth plan is to acquire existing performing and re-performing residential mortgage books, in addition to new mortgage lending where we currently specialise in the residential investment mortgage market,” said Dilosk’s chief executive Fergal McGrath.

Joe Brennan

Joe Brennan

Joe Brennan is Markets Correspondent of The Irish Times