Stanlington No.1 PLC: 08 March 2017
A standalone issuance from arrangers Natixis and NatWest Markets, where the issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans sold by Paratus AMC Limited (which were originated by GMAC-RFC Limited, Amber Homeloans Limited, First Alliance Mortgage Company Limited and Victoria Mortgage Funding Limited) and secured over residential properties located in England, Wales and Scotland, which will be purchased by the issuer from the seller on the closing date.
The Provisional Mortgage Portfolio (as at 30 November 2016) contained 1,821 variable-rate accounts, where the Average Capital Balance per Account was £128,077 and the largest loan was for £3.169 mln. Originator (by no. of accounts / capital balance): GMAC RFC 1,140/62.50%; Victoria Mortgages 677/37.37%; Amber 2/0.11% and FamCo 2/0.02%. Ownership Type: Owner-occupied 83.10%, BTL 16.90% (Right to Buy accounts for 2.70% of the portfolio). As of the Portfolio Reference Date, approximately 17.11% of the Provisional Mortgage Portfolio by Capital Balance of the Mortgage Loans are loans that are the equivalent of one or more monthly instalments in arrears.
Income Verification (by no. of accounts / capital balance): Self-Certified Product with no income verification 860/49.86%; Non Self-Certified Product with no income verification 707/36.68%; Non Self-Certified Product with income verification 254/13.46%. CCJs: 2 or more (by no. of accounts / capital balance): 97/5.39%. Repayment Type (by capital balance): Interest Only 83.56%, Annuity 14.30%, P&P 2.13%. Loan Purpose: Purchase 60.88%, Re-Mortgage 39.12%. The WA CLTV is 81.89% (WA OLTV was 85.40%) and the WA seasoning is 10 years. Regional distribution: Greater London 29.82%, North West 10.45%, Outer Metropolitan 10.43%, Outer South East 8.72% and West Midlands 7.82%.
Significant Investor: The seller will, on the closing date, purchase 100% of the Class Z Notes.
CRR 405: On the Closing Date, Paratus AMC Limited (the Retention Holder) will, as an originator for the purposes of the CRR, the AIFM Regulation and the Solvency II Regulation, retain a material net economic interest of not less than 5% in the securitisation (representing downside risk and economic outlay) in accordance with the text of each of Article 405 of Regulation (EU) No 575/, Article 51 of Regulation (EU) No 231/2013 (referred to as the Alternative Investment Fund Manager Regulation) and Article 254 of Regulation (EU) 2015/35 (the Solvency II Regulation).
As at the Closing Date, the Retention will be satisfied by the Retention Holder subscribing for and thereafter holding an interest in the first loss tranche, represented in this case by the retention by the Seller of the Class Z Notes. The aggregate Principal Amount Outstanding of the Class Z Notes as at the Closing Date is equal to at least 5% of the nominal value of the securitised exposures.
Compare/contrast: Hawksmoor Mortgages 2016-2 plc, Towd Point Mortgage Funding 2016-Vantage1, Dukinfield II RMBS Plc