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Thinktank goes prime

Mortgage lender Thinktank has completed its inaugural issue of prime residential mortgage-backed securities, raising A$500 million of funds.

Think Tank Residential Series 2021-1 was upsized from $400 million at launch. The A1 notes, worth $400 million and with a weighted average life of 2.4 years, were priced at a margin of 90 basis points over the one-month bank bill swap rate.

The $60 million of A2 notes, which have a weighted average life of 2.4 years, were priced at a margin of 105 bps. The $16 million of B notes, with a weighted average life of 3.8 years, were priced at a margin of 140 bps.

Thinktank is 33 per cent owned by Australian Finance Group. It specialises in sub-$3 million commercial and residential mortgages targeting SMEs, the self-employed and self-managed superannuation fund borrowers. It offers a mix of full-doc, mid-doc and low-doc loans.

 

 

 

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