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Genesis Mortgage Funding 2022-1: 19 May 2022

A stand-alone issue, where the Issuer will make payments on the Notes and the Certificates from payments of principal and revenue received from a portfolio comprising mortgage loans acquired from Bluestone Mortgages Limited and secured over residential properties located in England, Wales and Scotland which will be purchased by the Issuer.

At the cut-off date (28 February 2022) the portfolio consisted of 1,264 mortgage loans, where the average current loan balance is £173,178 and the largest loan is for £1.119mln. All loans were advanced after a full, internal and external inspection. Occupancy Type (by current balances): owner-occupied – 80.67%, BTL – 19.33%. Repayment method: repayment – 96.39%, interest only – 3.61%. Interest rate type: fixed to floating – 99.10%, floating – 0.90%. The WA current LTV is 68.354% (original LTV was 69.33%) and the WA seasoning is 12.44 months. Additional information: self-employed – 30.41%; Borrowers with prior CCJs within 3 years of origination – 12.33%; Bankruptcy/IVA – 3.71%. Regional concentration: South East – 34.58%, the North West – 11.19% and the West Midlands 7.80%.

UK & EU Risk Retention: On the Issue Date, the Seller (the Risk Retention Holder) as an originator for the purposes of the UK Securitisation Regulation and the EU Securitisation Regulation will undertake to retain (either directly, or through a wholly-owned subsidiary) a material net economic interest of not less than 5% in nominal value of the securitisation in accordance with Article 6 of the UK Securitisation Regulation and Article 6 of the EU Securitisation Regulation and shall acquire and hold, on an ongoing basis, not less than 5% of the nominal value of each of the tranches of Notes sold or transferred to investors in an amount sufficient to satisfy the UK Risk Retention Requirement and the EU Risk Retention Requirement.

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 final rules promulgated under 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: Genesis Mortgage Funding 2019-1, Stanlington No.2 plc