Diversity Funding No. 1 Limited was recently voted ‘Securitisation Deal of the Year’ at the IFLR Awards in March 2008.

Ogier was instructed by Lehman Brothers International (Europe) in relation to this £1,140,000,000 standalone commercial mortgage backed securitisation transaction. Ogier provided both Jersey legal advice and Jersey and UK administration services to the structure. The deal involved the sale of a warehoused portfolio of Northern Rock commercial mortgages to a Jersey mortgages trustee. Financing for the deal was provided by a Jersey note issuing SPV which was structured to be tax resident in the UK.

Matthew Swan, structured finance partner at Ogier, Jersey, commented, “This transaction was particularly challenging but with the use of innovative structuring techniques and a collaborative legal effort, particularly with Clifford Chance as main deal counsel, we were able to provide an efficient solution for Lehman Brothers”.