London investment management company Venn is moving into the Dutch mortgage market, the Financieele Dagblad reports on Tuesday.

It is the first new residential mortgage-backed securities issuance platform launched in the Netherlands since the credit crunch.

Venn, which was founded by two bankers from Credit Suisse and Nomura in 2009, will finance the mortgages by bundling them and selling them on to other investors, according to the FD.

The company, which is financed by the Norwegian Siem Industries, aims to sell half a billion new mortgages in eighteen months. Its first step was to buy a €500m portfolio of Dutch residential mortgages from GE Artesia, but it will now concentrate solely on the business market.

The move illustrates how unconventional lenders are filling the gap left by banks which are subject to new supervisory rules, the FD says.