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Overview
Thomas Picton is a partner in the Structured Credit practice of Paul Hastings and is based in the firm’s London office. He advises on a broad range of securitization and structured private credit transactions, as well as portfolio acquisitions.
Thomas’ practice spans a variety of asset classes focusing on consumer securitization, specialty finance, fund finance, ABS, RMBS, covered bonds, SME and trade receivables. He advises banks, specialty lenders, credit funds and private equity firms. Thomas also counsels clients on regulatory developments related to securitization and structured debt transactions and regularly advises banks on securitizations designed to achieve significant risk transfer (SRT).
Clients told Legal 500 that Tom is “a star in the European securitization space … very user-friendly, knowledgeable, hard-working and hands-on.”
Accolades
- The Legal 500, Leading Partner, Securitization
Education
- University of Manchester, LLB Law, 2003
- The London School of Economics and Political Science, MSc Law & Accounting, 2005
Representations
- Octopus Electric Vehicles, as originator on a £550 million debt securitisation facility from Lloyds Bank to fund electric vehicles, accelerating total EV funding to £1.2 billion. The transaction was named “Private Securitisation of the Year” at the 2024 GlobalCapital European Securitisation Awards.
- Optio Investment Partners, in relation to a multiyear, multijurisdiction auto asset financing arrangement with the Volvo Car Corporation, Kennedy Lewis Investment Management (KLIM) and KKR.
- Castlelake LLP, as investor, on:
- two private securitisations of UK credit card and consumer loan receivables originated by 118 118 Money
- its $150 million investment in Swedish specialty lender, IMH. The investment included the acquisition of IMH's existing loans and a financing facility for the origination of new loans
- Santander UK as originator, on the 2025-2, 2025-1, 2024-2, 2024-1, 2023-1 and 2022-1 144A and Reg S public residential mortgage securitisations under its Holmes securitisation programme, as well as regular updates to the Holmes and Fosse mortgage master trust programmes.
- Selina Finance Limited, as originator, seller and servicer, with respect to:
- a forward flow transaction with Waterfall Asset Management
- Odyssey Funding plc, the first public securitisation of home equity line of credit (HELOCs) in the European market
- A syndicate of European banks, as senior lenders, in respect of an innovative forward flow and securitisation for subscription (sub) lines to mid-market private equity firms, provided through a JV between Investec and Ares Capital.
- UK Fintech Lendable, as originator on multiple securitisations of credit card and consumer loan receivables.
- BoFA Securities, BNP Paribas Lloyds and Santander, as joint lead managers on the Oak No.5 PLC and Oak No.4 PLC public securitisations of prime residential owner-occupied mortgages originated by Aldermore Bank PLC to borrowers secured on properties in England and Wales.
- Aldermore Bank, as originator, in respect of the £381,136,3000 notes issued by Oak No.3 plc, a special purpose vehicle backed by a portfolio of prime mortgages originated by Aldermore. This was Aldermore’s first public STS transaction.
- Barclays, BofA and Lloyds, as the lead managers on the issuance of notes by:
- Lanebrook Mortgage Transaction 2020-1 plc, 2021-1 plc, 2022-1 plc, 2023-1 plc and 2024-1 plc, backed by UK BTL mortgage loans originated by The Mortgage Lender Limited and acquired by Shawbrook Bank
- Holbrook Mortgage Transaction 2023-1, backed by owner occupied mortgages originated by The Mortgage Lender and acquired by Shawbrook Bank
- Ealbrook Mortgage Transaction 2022-1 and 2024-1, backed by owner-occupied (including help-to-buy) and buy-to-let loans originated by Bluestone Mortgages Limited and acquired by Shawbrook Bank
- Aldbrook Mortgage Transaction 2025-1, backed by owner-occupied and buy-to-let loans originated by The Mortgage Lender and acquired by Shawbrook Bank.
- Shawbrook Bank, as originator on their inaugural public securitisation of buy-to-let mortgages (Shawbrook Mortgage Funding 2019-1 plc). The transaction was named “Debut Securitisation of the Year” at the 2020 GlobalCapital European Securitisation Awards.
- Hampshire Trust Bank, as originator on their inaugural public securitisation of a £300m portfolio of buy-to-let mortgages (Winchester No.1 plc).
- Keystone Property Finance, as seller and servicer, on a number of forward flow transactions, as well as the public securitisations of BTL mortgage loans through Hops Hill No.5 plc, Hops Hill No.4 plc, Hops Hill No.3 plc, Hops Hill No.2 plc and Hops Hill No.1 plc.
- MT Finance, as originator and servicer, on a forward flow transaction relating to BTL mortgages and as legal title holder and servicer on the following public securitisations of BTL mortgages (Pierpont 2024-1 and Pierpont 2025-1).
- Deutsche Bank, as sole arranger, in respect of the Wolf Receivables Financing 3 Plc GBP 630m gross-book-value (GBV) securitisation of UK re-performing unsecured consumer debt accounts. The unsecured receivables comprising the portfolio were purchased by the Hoist UK Group from certain third-party sellers, and the legal and beneficial title to the receivables was assigned to the seller following Lowell’s acquisition of Hoist, UK.
- Lloyds Bank Corporate Markets plc, NatWest Markets Plc and BofA as joint lead managers on the Orbita Funding 2023-1 plc securitisation of conditional sale contracts and hire purchase contracts originated by Close Brothers Limited.
- BNP Paribas and Lloyds, as lead managers in respect of the issuances by E-Carat 11 plc and E-Carat 12 plc, special purpose vehicles backed by a portfolio of auto finance receivables originated by Vauxhall Finance plc. E-Carat 11 was Vauxhall’s first STS transaction.
- TAB London Limited (TAB), as originator, in connection with
- a £300 million sustainability-focused private securitisation transaction with NatWest Markets and Atalaya Capital Management L.P.
- a £500 million asset-backed financing provided to TAB by AB CarVal.
- Panelview DAC, as seller, in the public refinancing of the Portman Square 2021-NPL1 DAC transaction, which was renamed to Portman Square 2023-NPL1 DAC. The transaction was a public NPL securitisation backed by a portfolio comprising private residential and BTL mortgage nonperforming loans secured over properties located in Ireland, England, Northern Ireland, Scotland and Wales originated by AIB, AIB Group (UK) plc or an affiliate, AIBF, AIBMB, EBS, EBSMF and Haven.
- NatWest Markets, Barclays and BNPP, as arrangers and dealers with respect to the establishment of (and initial £500m issuance from) Paragon's Covered Bond Programme. The programme is the first to have a cover pool of 100% BTL mortgage loans and won “Best Debut” at the 2025 Covered Bond Report (CBR) Awards for Excellence.
- Paragon Bank plc and Paragon Mortgage (2010) Limited, as sellers and legal title holders, and Paragon Mortgages (No.29) PLC, as issuer, in a securitisation of buy-to-let mortgages originated by the sellers. The deal was arranged by Santander Corporate & Investment Bank and BofA Securities.
- BofA and Banco Santander, as lead managers on Blitzen Securities No.1, a securitisation of a portfolio of owner-occupied performing mortgages originated by Santander UK plc and acquired by a major international investor.
- Glenhawk Financial Services, as originator and servicer on a number of securitisations of bridging loans to support further lending and growth of Glenhawk, a fast-growing challenger lender in the UK.
- UK asset manager, as investor in respect of a landmark securitisation deal involving a large portfolio of equity release mortgages (Lifetime Mortgage Funding 1).
- Major international investor, as purchaser in numerous portfolio acquisitions of UK BTL loans.
- Lloyds, RBC, Commerzbank AG, Santander and BofA, as lead managers on the Silver Arrow UK securitisations of auto finance receivables originated by Mercedes-Benz Financial Services (including Silver Arrow UK 2018-1, 2020-1, 2020-2 and 2021-1, 2022-1 and 2024-1).
- MotoNovo Finance Limited, as originator in a public “STS” securitisation of a portfolio of automotive HP and PCP agreements (Turbo Finance 9 plc) with BAML, Lloyds and MUFG as joint lead managers.
- Duologi (Specialist Lending Limited), as originator, on a private securitisation of point of sale (POS) receivables with a major international investor.
- Praetura Asset Finance, as originator, on its inaugural private securitisation of finance lease and hire purchase receivables and obtaining STS designation in respect thereof.
- HSBC, MUFG, Santander and Wells Fargo, as lead managers on the public “STS” securitisation of a portfolio of automotive HP and PCP agreements originated by PSA Finance UK Limited (Auto ABS UK Loans 2019 plc).
- CarFinance 247, as originator in connection with a £305 million private securitisation of auto finance receivables with NatWest Markets and Eastlodge Capital.
- Lenders and investors, on numerous private securitisations and warehouse transactions involving a multitude of auto finance classes originated by captive lenders, including dealer floorplan and inventory financing, salary sacrifice, operating and finance leases, hire purchase and PCP.