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Canada Square Funding 2019-1: 30 October 2019

A stand-alone transaction, where the issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising loans secured over residential properties located in England and Wales. The portfolio was acquired by the seller from Hart Funding Limited.

The provisional portfolio as at 31 August 2019 comprises of 1,743 variable rate buy-to-let loans, where the average current balance is £220,343 and the largest is for £1.015mln. Borrower type: individual – 78.52%, company – 21.48%. Repayment type (by current balances): interest only – 94.00%, repayment – 5.79% and P&P – 0.21%. Loan purpose: remortgage – 74.49%, purchase – 25.51%. Interest rate type: fixed to floating – 94.84%, floating for life – 5.16%. The WA current LTV is 68.91% (original LTV was 69.10%) and the WA seasoning is 13.12 months. Regional concentration: Greater London – 51.45%, the South East – 16.04% and East Anglia – 10.10%.

EU Risk Retention: On the closing date Citibank NA London branch will, as originator, retain a material net economic interest of not less than 5% in the securitisation by holding no less than 5% of the nominal value of each tranche sold or transferred to investors on the closing date. The Risk Retention will consist of the Retention Holder holding the VRR Loan Note.

US Risk Retention: The seller does not intend to retain any notes or certificates for the purposes of US Risk Retention rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention rules regarding non-US transactions.

Compare/contrast: Chester A plc, Towd Point Mortgage Funding 2019 - Auburn 13