Banna RMBS 2019-1 : 20 November 2019
A stand-alone issuance, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising buy-to-let mortgage loans secured over properties located in England, Wales, Scotland and Northern Ireland (and, in two cases, with additional security over properties located in Ireland).
At the cut-off date (30 June 2019) the portfolio consisted of 1,303 secured first-ranking loans (1,379 loan parts) advanced to 1,138 BTL borrowers. The average current mortgage loan balance is £81,086 and the largest is for £2.191mln. Repayment Type: Fully Amortising – 73%, Partly Amortising – 25%, Interest Only – 2%. Interest rate type: variable – 100.00%. Arrears: greater than 90days – 24%. WA indexed current LTV - 51.65%, WA seasoning - 157 months. Geographic distribution: North West – 39%, London – 14%, Yorkshire & Humberside – 11% and the West Midlands – 10%.
EU Risk Retention: The Retention Holder (Goldman Sachs International Bank) as originator will retain a material net economic interest of not less than 5% in the securitisation in accordance with the text of Article 6(3)(a) of the EU Securitisation Regulation. As at the Closing Date, such interest will be comprised of an interest in each Class of Notes.
US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.
Compare/contrast: Canada Square Funding 2019-1, Towd Point Mortgage Funding 2019-Vantage 2