Mandeep
Lotay

Mandeep Lotay is a partner in the Finance Group and Head of European Structured Finance & Securitizations, resident in London. He has 25 years' experience in structured finance and securitization, and advises private capital funds, alternative asset managers, financial institutions and corporates across the full spectrum of debt finance. Clients describe him as a "transaction architect" (Chambers Global).

His practice covers asset-backed credit, structured finance and securitization, alongside corporate and acquisition finance. His expertise spans residential, consumer and commercial real estate portfolios, forward-flow origination platforms, trade and supply chain receivables, and esoteric asset classes including diamond inventory, vehicle and trailer leases, and media revenues — in both rated public capital markets transactions and private structures.

Mandeep's practice is cross-border, with deep experience across the UK, Northern Europe (the Netherlands, Germany and the Nordics) and Southern Europe (Italy, Spain, Greece and Cyprus), and further afield including the US and the UAE. His transactions are typically structured through UK, Luxembourg, Dutch and Irish issuance vehicles. Two decades practicing across the UK and continental Europe give him a combination of English law expertise and continental market knowledge that underpins his lead role on complex multi-jurisdictional financings.

Mandeep has been ranked by Chambers for Capital Markets: Securitization since 2009. He is currently ranked by The Legal 500 as a Leading Partner in Banking and Finance: Asset Finance and Structured Finance (2026), by IFLR1000 as a Market Leader in Banking and in Capital Markets: Structured Finance and Securitization (2026), and as Highly Recommended in Banking and Fintech - Finance by the Lexology Index (2026).

Mandeep’s representative matters include:

Loan Portfolio Trading and Financing

• A global asset management firm on the acquisition and financing of an approximately £800 million UK unsecured consumer loan portfolio from a leading UK lender, involving a leading US financial institution acting as arranger and a syndicate of global investment banks providing the acquisition financing
• A global asset manager on the acquisition, servicing and cross-border financing, including private and publicly rated capital markets securitization, of several portfolios of Spanish reperforming mortgage loans acquired from Spanish financial institutions
• A global alternative asset manager and its portfolio company on the sale of a portfolio of UK PPP infrastructure-backed loans, hedging positions and servicing and management roles to a UK diversified insurer
• A global asset manager on its investment in the senior and mezzanine credit positions of an asset-backed securitization supported by UK consumer loans, and on the simultaneous back-leverage financing provided by a global investment bank
• A special opportunities credit investor on the acquisition of a secured and unsecured non-performing loan portfolio originated by a leading banking institution in the UAE
• Alantra and Barclays, as co-lead arrangers, on the approximately €2.2 billion public securitization of a portfolio composed mainly of Cypriot residential non-performing exposures acquired from Bank of Cyprus by a fund managed by PIMCO — the first rated public NPL securitization executed in Cyprus — and subsequently on the refinancing of that transaction arranged by Morgan Stanley, and on a further private refinancing arranged by a global investment bank, which added a second Cypriot non-performing portfolio
• Citibank, as arranger and lead manager, on a publicly rated securitization issued under Rule 144A backed by a portfolio of Spanish auto loan receivables acquired by a global asset manager through a competitive auction process
• A global asset manager on the establishment of a private asset-backed financing platform, provided by a global investment bank, for the acquisition of Greek, Italian and Spanish loan portfolios
• Various global asset managers and credit firms, as mezzanine investors, on recent private credit investments in asset-backed securitizations of consumer and commercial real estate assets across Europe, including the UK, Ireland, Spain and Sweden
• A global alternative asset manager on a Greek securitization supporting the acquisition, by a syndicate of global asset managers, of a portfolio of non-performing secured SME loans from the National Bank of Greece
• Barclays Bank on the acquisition financing provided to a global investment firm for its purchase of a portfolio of German consumer loans, carved out of the disposal of Barclays' German consumer loan business to a leading publicly listed Austrian financial institution
• A leading alternative investment fund on the refinancing securitization of a portfolio of Spanish distressed mortgage loans acquired from a Spanish financial institution
• Morgan Stanley on the acquisition, financing, sale and capital markets refinancing of several portfolios of Dutch non-conforming residential mortgage loans
• JPMorgan on several Dutch RMBS transactions, including a regulatory capital relief transaction

Loan Origination Platforms — Establishment, Acquisition, Development and Disposal

• RNHB B.V., a Dutch specialty commercial real estate lender owned by a consortium of global alternative asset managers, on its successive acquisitions of Dutch commercial real estate loan portfolios — from a fund managed by Syntrus Achmea Real Estate & Finance, from FGH Bank N.V. and from Propertize, a Lone Star portfolio company — including the auctions, fund and asset acquisitions, equity structuring, acquisition financings provided by multiple groups of leading international lenders, all regulatory aspects, and several refinancings, including a public capital markets transaction involving the issuance of publicly listed and rated asset-backed securities
• A syndicate of global alternative asset managers on the approximately €4 billion disposal and secured financing of several buy-to-let mortgage loan portfolios, publicly rated asset-backed securities and other fixed income assets to a US-based global fixed income investment manager, including multi-billion-euro forward sale, purchase and financing arrangements and, as loan servicer, several publicly rated securitizations issued under Rule 144A
• Goldman Sachs on the establishment and financing of an approximately €2 billion Dutch residential mortgage loan forward-flow origination platform with Dynamic Credit
• The Royal Bank of Scotland on the financing of the acquisition, by a consortium led by Venn Partners with Siem Capital and KKR, of the Dutch residential mortgage origination business of GE Artesia Bank, including the subsequent rated and listed public capital markets refinancing of the initial acquisition debt and the establishment of an additional forward-flow origination funding platform

Esoteric and Specialty Asset-Backed Credit

• Rabobank and Commerzbank, as arrangers and senior lenders, on an EU STS-compliant private securitization of lease and residual value receivables for the TIP Group, spanning the UK, Ireland, France, the Netherlands, Germany, Sweden, Denmark and Finland, including subsequent amendments, extensions and upsizes
• Channel Capital, as arranger and programme manager, and several non-European banks on a multi-jurisdictional trade receivables and inventory securitization for Rosy Blue, a leading producer of diamonds, spanning Armenia, the PRC, Hong Kong, India and the UAE, including the issuance of rated notes under Rule 144A placed with leading international institutional investors
• Duir Capital Limited, as arranger and programme manager, on the securitization of diamond inventory for one of the world's leading producers of rough and polished diamonds
• A leading commercial and specialty insurer on its investment in a supplier credit asset-backed securitization program originated by a UAE-based healthcare provider, and in an asset-backed securitization program backed by receivables arising from the sale and supply of polished and unpolished diamonds
• Bayerische Landesbank, as arranger, on an EU STS-compliant private securitization of receivables arising from the sale and supply of UK pharmaceutical and medical products
• Endemol Shine Group, a leading scripted and non-scripted content production company owned by Apollo and 21st Century Fox, on the monetization of media-related revenues and several of its multi-jurisdictional financings, including leveraged financing facilities provided by an international syndicate
• A global credit manager, as mezzanine investor, in a private securitization of electric vehicle leases originated by a major UK energy supplier
• A leading UK-listed global consumer health company on its global true sale receivables and supplier credit factoring arrangements with a syndicate of global investment banks
• A global semiconductor architect and supplier on several multi-jurisdictional true sale receivables purchase arrangements provided by a range of global financial institutions
• A leading Spanish-headquartered integrated energy company on its factoring arrangements with a global investment bank

Corporate and Acquisition Finance

• NN Group, an AEX-listed Dutch insurer, on various financing arrangements for its approximately €2.5 billion public takeover of the Benelux-listed financial institution Delta Lloyd, including acquisition finance facilities arranged by ING, Citibank, JP Morgan and Morgan Stanley, an issuance under its corporate debt issuance program, and the restructuring of its corporate facilities, in each case on a certain funds basis
• Klar Partners on the financing supporting its investment in hallo, a leading European SME-focused IT services provider, comprising unitranche acquisition financing facilities provided by Ares and Berenberg supported by a pan-European collateral package
• WorldRemit, a global digital payments group, on several cross-border acquisition financing arrangements supporting its acquisition of Sendwave, an international remittance provider operating across the US, UK and Africa, involving the venture and growth divisions of US West Coast credit funds and a UK technology specialty lender
• Goldman Sachs on its multi-jurisdictional leveraged buy-out of the pan-European bakery group Continental Bakeries from NPM Capital, and subsequent debt repricing
• Commerzbank and Bank of Ireland on underwritten TLB leveraged financing supporting the acquisition of the Vermaat Group by Partners Group, and subsequent refinancing and debt repricing
• Deutsche Bank, Rabobank and ABN AMRO on the refinancing of unitranche facilities supporting the leveraged financing of the acquisition of the SK FireSafety Group by Apax Partners