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Barclays-backed mortgage lender raises debt

By Nick Britton on November 16 2007

Jerrold Holdings, a secured mortgage lender in which Barclays Private Equity owns a significant minority stake, has raised £900,000 through a ‘complex’ deal involving several other banks. The leading lenders were The Royal Bank of Scotland (RBS); nabCapital, a division of National Australia Bank; and Bank of Scotland Corporate.

The deal was advised by partners Nigel Dale and David Boyd of law firm Eversheds. Dale comments: ‘In the current market it is reassuring that this complex but well-structured approach has been put in place, providing the company with the finance it requires.’

Of the total, £500,000 was raised through a structured securitisation led by RBS and nabCapital, and the balance through a syndicated loan arranged by RBS, nabCapital and Bank of Scotland Corporate.

Barclays Private Equity invested in Jerrold Holdings in September last year, paying £113.5 million for a ‘significant minority stake’, which has been rumoured to be around a third of the business.

Manchester-based Jerrold was founded in 1973 and operates under the brands of Blemain Finance, Cheshire and Lancashire Mortgage Corporations, and Bridging Finance.

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