TPMF 2018 - Auburn 12: 15 August 2018

A standalone issuance, some 18 months since the last Auburn transaction, which will see the issuer make payments on the Notes and Certificates from payments of principal and revenue on a portfolio comprising mortgage loans originated by the relevant originator and secured over residential and commercial properties located in England & Wales.

The Provisional Mortgage Portfolio consists of Mortgage Loans originated by the originator which were subsequently (and prior to their sale by the Seller to the Issuer) beneficially owned by Auburn Securities 9 plc and repurchased by the Seller from Auburn Securities 9 plc on or about the Closing Date. CHL, in its capacity as Legal Title Holder, holds legal title to all Mortgage Loans in the Mortgage Portfolio.

The Mortgage Loans included in the Provisional Mortgage Portfolio were all made no earlier than September 1989 and on or before April 2015, and the provisional pool consists of 3,174 variable-rate mortgage loan accounts advanced on 2,913 properties, and to 4,348 sets of borrowers. The WA average loan balance is £123,836 and the maximum is £1.889mln. Mortgage Loan Purpose: re-mortgage 51.90%, purchase 45.47% and equity release 2.63%. Occupancy Type: BTL 96.49%, Owner Occupied 3.51%. Repayment type: interest-only 93.08%, repayment 6.32%, part & part 0.60%. Arrears: current 99.72%, 90+ days in arrears 0.19%. The WA indexed current LTV is 56.54% (original LTV was 79.62%) and the WA seasoning is 139 months. Regional concentration: Greater London 34.49%, South East England 25.24%, South West England 9.88% and the North West 7.15%.


EU Risk Retention: On the Closing Date, the Retention Holder (Capital Home Loans), in its capacity as an originator for the purposes of the CRR, will undertake that it will retain (either directly or through a majority-owned affiliate), on an ongoing basis, a material net economic interest of at least 5% in the securitisation in accordance with each of Article 405 of the CRR, Article 51 of the AIFMR and Article 254(2) of the Solvency II Delegated Act. Such interest will be comprised of retention of no less than 5 per cent of the nominal value of each of the tranches sold or transferred to investors.

US Risk Retention: The Retention Holder and FirstKey Mortgage, LLC (acting as Co-Sponsors) intend to satisfy the U.S. Credit Risk Retention Requirements on the Closing Date by designating the Retention Holder as the sponsor that will acquire and retain, directly or through a majority-owned affiliate, the Required Risk Retention Interest in the form of an EVI.

Compare/contrast: Towd Point Mortgage Funding 2016-Auburn 11, Malt Hill No.2 Plc, Twin Bridges 2018-1