London—Dentons has advised Atom Bank PLC, the UK's first bank built exclusively for mobile and the country’s fastest growing mortgage lender, on its first residential mortgage-backed securitisation transaction.

Atom Bank was originator, seller and servicer of approximately £547 million of mortgage loans sold to Elvet Mortgages 2018-1 PLC in connection with the issuance by Elvet Mortgages 2018-1 PLC of Class A Notes and Class Z Notes. The Class A Notes are rated 'AAA', and Dentons acted as transaction counsel, drafting documentation and managing the legal process.

Peter Voisey, partner and co-head of Dentons' UK Securitisation and Structured Finance practice, who led on the transaction, said, "We are delighted to have advised Atom Bank, a new client for the Firm, on its first RMBS transaction. The bank has developed a strong position in the prime mortgage market and we were pleased to support on the latest stage in their growth."

On the launch of their RMBS issue in October, David McCarthy, Chief Financial Officer at Atom Bank said, “Securitisation is one of the ways we are delivering efficient funding for our business, contributing to our overall model of keeping costs low and passing back that value to our customers through great mortgage deals.

“We’re pleased with the level of demand for the notes and investor feedback on our lending platform and are grateful to Dentons for their support with this transaction. In line with our goals to grow our bank and giving customers a fair deal, we anticipate being regular issuers of prime RMBS.”

Alongside Peter Voisey, the Dentons team included Banking and Finance partners Jonathan Garforth, Susan Kelly, Stuart Fitzsimmons and Matthew Sapte, consultant Morag Campbell and associates Sebastião Nogueira, Kamraan Akhtar, Mariana Padinha Ribeiro, Jessica Cooke, Salome Coker and Emily Perrett, Tax partner Alex Tostevin and Tax associate Kirsten Hunt.