Offshore law firm Mourant Ozannes has acted as Jersey counsel to the Jersey mortgages trustee, Granite Finance Trustees Limited, in connection with the sale by UK Asset Resolution (UKAR) of a £13bn mortgage loan asset portfolio to Cerberus Capital Management. The mortgage portfolio was held by the Jersey mortgages trustee and comprised performing and non-performing residential mortgages and unsecured loans from the legacy book of NRAM, the former Northern Rock mortgage business. The transaction was highly challenging in light of the complex nature of the underlying securitisation and required Mourant Ozannes to deploy a team of structured finance experts to advise the trustees and provide true sale opinions to the financing banks. Commenting on the transaction, partner Simon Felton said "It was a privilege working on this record breaking transaction, which marks a substantial milestone in the resolution of NRAM and the former Northern Rock. Mourant Ozannes is able to field teams with a significant depth of experience in relation to structured finance work outs and restructurings and it was a pleasure to bring that expertise to bear in relation to the disposal of the Granite portfolio." The team at Mourant Ozannes was led by partner Simon Felton with assistance from Warren Simmons, counsel and Ryan Moore, associate.