Cityscape Financial Corp.'s United Kingdom unit, City Mortgage Corp., completed the securitization of $189.2 million of floating-rate notes backed by mortgages. The notes are backed by a pool of loans secured primarily by single- family residences and small mixed-use properties, the company said.
Cityscape said it also issued $100 million of senior secured notes through CIBC Wood Gundy Securities Corp.
The home equity lender said it will use the proceeds to repay some existing debt, to fund loan originations and for general corporate purposes.
Cityscape originates, buys, sells and services home equity mortgage loans, secured primarily by one-to-four-family residences.