Harben Finance 2017-1: 27 April 2017
A standalone issuance where the issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising loans the equitable interest in which will be sold to the issuer by Prudential Loan Investments 1 S.à r.l and which were purchased by the seller from Bradford & Bingley plc and secured over residential properties located in England and Wales.
The Seller, Retention Holder and Servicer Facilitator is Prudential Loan Investments 1 S.à r.l. (PLI), a company incorporated in Luxembourg. PLI was established to take advantage of a market opportunity that has been identified to acquire portfolios of financial assets with financing raised in the form of public or private debt. Under this investment strategy, PLI is intended to be the central acquisition and holding vehicle making the relevant investment decisions.
The portfolio consists of 16,887 main accounts (17,081 sub-accounts), where the average balance is £114,291 and the largest balance is £964,470. All of the loans are buy-to-let. Repayment type (by current balances): interest-only 94.90%, repayment 4.68%, part & part 0.42%. Interest rate type: Variable 97.85%, other 2.15%. The WA current indexed LTV is 60.88% and the WA seasoning is 11.10 years. Regional concentration (by current balances): Greater London 26.41%, South East 25.23%, North West 11.01% and the South West 7.40%.
Significant Investor and Pre-Placed: On the Closing Date 100% of the Class A Notes, 100% of the Class B Notes, 100% of the Class C Notes and 100% of the Class D Notes will be pre-placed with a consortium consisting of Barclays Bank Plc, HSBC Bank plc, Lloyds Bank plc, Nationwide Building Society, The Royal Bank of Scotland plc and Santander UK plc, acting directly or through an affiliate.
CRR 405: On the Closing Date, Prudential Loan Investments 1 S.à r.l. will retain a material net economic interest of not less than 5% of the nominal value of the securitised exposures in the securitisation in accordance with the text of each of Article 405(1)(d) of Regulation (EU) No 575/2013, Article 254(2)(d) of Regulation (EU) No. 2015/35 and Article 51(1)(d) of Regulation (EU) No 231/2013. As at the Closing Date, the Retention will comprise holding the Class G Notes, the Class R Notes and the Class Z Notes.
Compare/contrast: Ripon Mortgages, Slate No.1