Towd Point Mortgage Funding 2019 - Vantage 2: 20 November 2019
A stand-alone issuance, where the Issuer will make payments on the Notes from payments of principal and revenue on a portfolio comprising mortgage loans secured over residential properties located in England, Wales, Scotland and Northern Ireland. The loans were acquired by Cerberus European Residential Holdings B.V. from GE Money Home Lending Limited, First National Bank plc and Igroup Limited, and were previously securitised in the Towd Point Mortgage Funding 2016-Vantage 1 plc transaction.
At the Provisional Mortgage Portfolio date of 30 September 2019 the portfolio comprised of 6,106 Mortgage Loan Accounts with an aggregate Current Balance of £636.288mln, where the average total loan size is £104,207. Customer type: owner-occupier 98.25%, BTL 1.75%. Loan Purpose: re-mortgage 72.29%, purchase 27.66, further advance 0.05%. Repayment type: interest-only 62.86%, repayment 25.01% and P&P 12.13%. Arrears : 3+ Months in Arrears, 1,054 loans / 17.76% of current balances. The WA indexed LTV is 61.48% and the WA seasoning is 156 months. Regional concentration: South East 17.66%, Greater London 14.87%, North West 13.45% and West Midlands 9.43%.
Significant Investor: CERH will, either directly or through its affiliate, acquire 42.426% of the Class B Notes and 100% of the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class Z Notes, the Class XA Notes, and the Class XB Certificates and, subject to EU Retention Requirement and the U.S. Credit Risk Retention Requirement, may subsequently sell these on to third party investors.
EU Risk Retention: On the Closing Date the Retention Holder (CERH), in its capacity as an originator for the EU Securitisation Regulation, will retain (either directly or through a wholly-owned subsidiary) on an ongoing basis a material net economic interest of at least 5% in the securitisation as required by Article 6(1) of the EU Securitisation Regulation. Such retention requirement will be satisfied by the Retention Holder holding the economic exposure to the EU Retention Notes.
US Risk Retention: CERH and FirstKey Mortgage, LLC are required under Section 15G of the Exchange Act to ensure that one Co-Sponsor (directly or through a majority-owned affiliate of such Co-Sponsor) acquires and retains the U.S. Required Risk Retention Interest. The Co-Sponsors intend to satisfy the U.S. Credit Risk Retention Requirements on the Closing Date by designating CERH (the "Retention Holder") as the sponsor that will acquire and retain, directly or through a majority-owned affiliate, the U.S. Required Risk Retention Interest in the form of an EVI.
Compare/contrast: Towd Point Mortgage Funding 2016-Vantage 1 (redeemed), Together Asset Backed Securitisation 2019-1