Elstree Funding No.1: 05 November 2020

A stand-alone transaction where the Issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising first and second ranking buy-to-let mortgage loans and second ranking owner occupied mortgage loans and their related security originated by the Seller or West One Loan Limited and secured over residential properties located in England, Wales and Scotland.

West One Secured Loans Limited is the Seller and Servicer under the transaction. The Portfolio contains Mortgage Loans originated by WOSL and by West One Loan Limited. Both WOSL and WOLL are wholly-owned subsidiaries of Enra Specialist Finance Limited. ESFL and its subsidiaries provide companies focused on the provision of lending and broking to specialist mortgage and secured loan customers, with a particular focus on serving the professional property investment industry and underserved retail markets.

As at the Portfolio Reference Date (31 August 2020), the Provisional Portfolio comprised 3,245 loans originated by the Seller or West One Loan Limited between 2017 and 2020.

Summary ………………………Total ……First Ranking BTL loans ……Second Ranking loans
No. of Mortgage Loans……… 3,245 ………… ….272 …………………………2,973
First Ranking (%) …… …… .. 32.40% ……… ...100.00% …………………….0.00%
Second Ranking (%) ……… .. 67.60% …… ……..0.00% ……………………100.00%
Average Current Balanc….. .. 82,542 ……….... 319,064 ………………………60,903
Max Current Balance ….……2,345,275……. .. 2,345,275 …………………..630,346
Owner-Occupied (%) ….… . 55.80%........ ......... 0.00% ……………...……..82.55%
BTL (%) …………………… . 44.20% ……….... 100.00% …………………… .17.45%
WA OLTV …………………… 67.03% ………… 69.06% …………………..…..66.06%
WA CLTV ……………………. 66.65% ………….69.06% …………………...... 65.49%
Fixed Rate loans (%)…………71.83% …………100.00% …………..….……. 58.33%
Floating Rate loans (%)…….. 28.17% ………… ..0.00% …………..…………41.67%
WA Seasoning (months) ……. 13.61 …………… 7.97……………………...…16.31

Significant investor: On the Closing Date the Seller will purchase 100% of the Class X Notes and 100% of the Class Z Notes.

EU Risk Retention: On the Closing Date and while any of the Notes remain outstanding the Seller will, as originator for the purposes of the Securitisation Regulation, retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation as required by Article 6(1) of the Securitisation Regulation. As at the Closing Date, such interest will be satisfied by the Seller holding the first loss tranche, in this case an interest in the Class Z Notes.

US Risk Retention: The Seller, as sponsor under the U.S. Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, 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: Avon Finance No.2 plc, Lanebrook Mortgage Transaction 2020-1 plc, Elvet Mortgages 2020-1