Perenna founding
Verbeek also explained the founding of Perenna to provide such a long-term product, saying: “We started a project to set up and run a bank because you cannot fund these products off a deposit base.
“Instead we designed the brand new bank, fintech bank, and modelled it on the continental model in Denmark, that will issue bonds to insurance companies and pension funds.”
These bonds were used to offer long-dated fixed rate mortgages and “really give the right product to these large lenders that exist in the UK”.
Verbeek added that Perenna has already started lending for their long-term fixed-rate mortgage product, with the first purchase transactions coming through.
Additionally, he reported that the company is increasingly getting brokers on board and getting contracts in place with other distribution channels.
tom.dunstan@ft.com
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