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Atlas Funding 2022-1 PLC: 17 May 2022

A stand-alone issue, 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 and their related security, originated by Lendco Limited and secured over residential properties located in England and Wales, and sold by Lendco to the Issuer on the Closing Date.

Lendco Limited was previously registered under the name Atlas Property Finance Limited and was renamed on 26 April 2018. Lendco is a private limited company and is a provider of unregulated buy-to-let mortgage financing for the purpose of purchasing or refinancing residential properties in England and Wales which are to be held as investments and let to unrelated third parties. As of 31 January 2022, Lendco has originated approximately £671m of BTL mortgage loans.

As at the closing date the portfolio consisted of 743 interest-only first ranking mortgages, where the average current loan balance is £412,417 and the largest is for £3.281mln. All properties are with Full Internal and External Valuations. Borrowers: Company – 76.31%, individuals – 23.69%. Loans by Rate Type: Fixed to Floating – 98.63%, other – 1.37%. The WA current LTV is 67.69% (original LTV was 70.32%) and the WA seasoning is 7.89 months. Regional distribution: London – 71.23%, South East – 15.02% and the North West – 4.04%.

EU & UK Risk Retention: On the Closing Date the Seller (Lendco) will, as originator for the purposes of the EU Securitisation Regulation and the UK 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 UK Securitisation Regulation and as determined in accordance with Article 6 of the EU Securitisation Regulation as required for the purposes of Article 5(1)(d) of the EU Securitisation Regulation. As at the Closing Date, such interest will be satisfied by the Seller holding no less than 5% of the nominal value of each Class of Notes sold to investors (with the exception of the Class X Notes).

US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the 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: Atlas Funding 2021-1 UK BTL, Harben Finance 2017-1 (2022 Refinance), Lanark Master Issuer 2022-1