Kirkby RMBS Plc: 11 May 2018
A stand-alone issuance where the Issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising mortgage loans, the equitable interest in which will be sold to the issuer by Goldman Sachs International Bank and which were purchased by the Seller from Redstone Mortgages Limited and secured over residential properties located in the United Kingdom. The mortgage loans comprise of residential owner-occupied and buy-to-let mortgage loans.
Original “originators” (by number of loans / % of current balances): Beacon 7,620/91.48%; Amber 581/7.41%; ExPlatform 127/0.76% and Rooftop 21/0.35%.
At the cut-off date (31 January 2018) the portfolio consisted of 8,349 mortgage loans, where the average mortgage loan balance is £104,999 and there are 26 loans of >£500,000 (accounting for 1.90% of current balances). Certification Type: Self Certified – 62.51%, Verified – 37.49%. Mortgage Loan Type (by current balances): Owner Occupied – 91.21%, BTL – 8.79%. Repayment Method: Interest-Only – 77.39%, Amortising – 21.19%, P&P – 1.42%. Interest Rate Type: Fixed Float – 77.99%, Discount – 17.31%, Float Life – 4.64%, Other – 0.06%. Additional Information: Mortgage Loans greater than 180 Days in Arrears – 4.58%. The WA CILTV is 54.31% (original LTV was 73.28%) and the WA seasoning is 121.65 months. Regional concentration: London – 23.90%, North West – 11.52%, Outer Metro – 10.73% and the West Midlands – 9.79%.
Please note, the Issuer has not requested a rating of any class of notes from any credit rating agency.
CRR 405: On the Closing Date, Goldman Sachs International Bank (the Retention Holder) will retain a material net economic interest of not less than 5% in the securitisation in accordance with the text of each of Article 405(1)(a) of Regulation (EU) No 575/2013, Article 254(2)(a) of Regulation (EU) No. 2015/35 and Article 51(1)(a) of Regulation (EU) No 231/2013. As at the Closing Date, the Retention will comprise the Retention Holder holding no less than 5% of the nominal value of each Class of Notes sold or transferred to investors.
U.S. Retention Requirements: The Sponsor intends to satisfy the U.S. Credit Risk Retention Requirements by acquiring and retaining, either directly or through a majority owned affiliate, an eligible vertical interest equal to a minimum of 5% in each Class of Notes and Certificates on the Closing Date.
The Volcker Rule: The Issuer is not, and after giving effect to any offering and sale of notes and the application of the proceeds thereof will not be, a "covered fund" for the purposes of regulations adopted under Section 13 of the Bank Holding Company Act of 1956.
Compare/contrast: Precise Mortgage Funding 2018-2B, Stratton Mortgage Funding plc, Tower Bridge Funding No.2