Dilosk sells €319m of mortgage-backed bonds

Transaction represents another ‘hugely positive milestone’ for lender, says chief

Dublin-based mortgage lender Dilosk said on Wednesday it has raised €319 million on international bond markets by refinancing a portfolio of buy-to-let and owner-occupier loans.

It marks the company’s fourth such deal – known as a residential mortgage-backed securitisation (RMBS) in five years – and brings the level it is raised on bond markets over the period to more than €1 billion.

Dilosk received over €850 million of orders for the bonds on offer, it said in a statement.


“This transaction represents another hugely positive milestone for Dilosk,” said Fergal McGrath, Dilosk’s co-founder and chief executive, noting that it marks the first time that Dilosk has put owner-occupier loans that it has written into an RMBS deal.

The company started off by buying the ICS Mortgages brand and an initial portfolio of €223 million of loans from Bank of Ireland in 2014. It has been offering buy-to-let loans since 2016 and ventured into the owner-occupier sector in September 2019.

The company also bought €160 million of former GE Capital Irish mortgages in 2017 and acquired about €180 million of Irish loans from Leeds Building Society in 2018 as the UK lender retreated from the market.

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