Elstree Funding No.3: 28 March 2023

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. This will be the second public securitisation from West One Secured Loans Limited.

As at the Portfolio Reference Date (31 January 2023) the Provisional Portfolio comprised 2,649 loans originated by the Seller or West One Loan Limited between 2017 and 2023.

Summary ………………………Total ……First Ranking BTL loans ……Second Ranking loans

No. of Mortgage Loans……… 2,649 ………… … .769 ………………………1,880
First Ranking (%) …… …… .. 65.19% ……… .. . 100.00% ……………… ….0.00%
Second Ranking (%) … …… .. 34.8% …… … … 0.00% ………… .......… 100.00%
Average Current Balanc….. .. 121,386 ………... 272,599 ……....…………59,534
Max Current Balance ….……2,628,311……. .. 2,628,311 ………………..750,046
Owner-Occupied (%) … .… . 31.14%........ ....... .. 0.00% …………..…….. 89.45%
BTL (%) ……………… …… . 68.86% ………... . 100.00% ………………. 10.55%
WA OLTV ………………... … 67.67% ………… 69.07% ……………….. . 65.26%
WA CLTV ………………… .. 68.04% …………. 70.86% ………………...... 65.05%
Fixed Rate loans (%)……… 95.33% ………… 96.88% ………….….……92.44%
Floating Rate loans (%)…….. 4.67% ………… .. 3.12% ………….……… 7.56%
WA Seasoning (months) ……. 8.11…………… .. 8.22………………........… 7.91

UK & EU Risk Retention: On the Closing Date and while any of the Notes remain outstanding the Seller, as originator for the 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 as required by Article 6(1) of the UK Securitisation Regulation. In addition, although the EU Securitisation Regulation is not applicable to it, the Seller will, as originator for the purposes of the EU Securitisation Regulation, retain (on a contractual basis) 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 EU 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 in accordance with Article 6(3)(d) of each of the UK Securitisation Regulation and the EU Securitisation Regulation.

US Risk Retention: The Seller, as sponsor under the US 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 US Risk Retention Rules regarding non US transactions.

Compare/contrast: Elstree Funding No.2, Tower Bridge Funding 2023-1