Bridgegate Funding plc: 26 January 2023
A stand-alone issue, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising owner-occupied and buy-to-let loans, which are secured over residential properties located in England and Wales, Scotland and Northern Ireland, the equitable or beneficial interest in which will be sold to the Issuer by The Mortgage Business Public Limited Company on the Closing Date.
As at the reference date (30 September 2022) the portfolio will consist of 62,748 loans (in 21,449 mortgage accounts) where the average current balance per account is £131,914 and the largest is £2.112mln. Borrower type: BTL – 51.59%, owner-occupier – 48.41%. Redemption type: interest only – 91.25%, other – 8.75%. Loan type: variable – 99.43%, fixed – 0.57%. Arrears: >=6 Months In Arrears – 6.74%, >=12 Months In Arrears – 5.31%. Additional information : Loans where arrears have been capitalised – 9.43%; Self-certified Loans which are not Buy-to-Let Loans – 42.41%. The WA current LTV is 49.03% (original LTV was 78.88%) and the WA seasoning is 16.25 years. Geographical Distribution: London – 18.26%, North West – 12.56%, South East – 11.07% and South West – 10.60%.
Significant investors : On the Closing Date, Bank of Scotland will acquire 95% of the Class A Notes.
UK & EU Risk Retention: On the Closing Date, Lloyds Bank Corporate Markets plc (the Retention Holder) as "sponsor" for purposes of the UK Securitisation Regulation will retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the UK Securitisation Regulation and Article 6(1) of the EU Securitisation Regulation. As at the Closing Date, the retention will comprise the Retention Holder holding no less than 5% of the nominal value of each Class of Notes, the Class S1 Certificates and the Class S2 Certificates.
US Risk Retention: The Sponsor (TMB) intends to satisfy the US Credit Risk Retention Requirements by having the Retention Holder, as its majority-owned affiliate, acquiring and retaining, directly, an eligible vertical interest equal to a minimum of 5% of the nominal value of each Class of Notes and the Certificates.
Compare/contrast: Elland RMBS 2018, Permanent Master, Shawbrook Mortgage Funding 2022-1 PLC