Grosvenor Square RMBS 2023-1 PLC: 19 March 2023
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 by Streamstown Limited (the Seller) and secured over residential properties located in England, Wales, Northern Ireland and Scotland.
The Loans were originated by the Legacy Originators, being each of KMC, SPML, SPPL and MPL. Each of SPPL and MPL has since been dissolved. KMC previously acquired the relevant Loans from SPML, SPPL and MPL and is now the Legal Title-Holder in respect of such Loans.
The transaction is essentially a re-securitisation of a series of earlier Gemgarto and Finsbury Square securitisations.
The provisional pool (as at 31 January 2023) consists of 7,289 variable rate loans, where the average balance is £154,063 and the largest is for £1.680mln. Ownership Type: Owner-occupied – 70.58%, BTL – 29.42%. Repayment Method: Fixed to Floating – 65.21%, Floating – 34.79%. Loan Purpose: Purchase – 64.88%, Re-mortgage – 29.04%, Debt Consolidation – 6.09%. The WA current LTV is 56.78% and the WA current ILTV is 54.98% (original LTV was 75.25%). The WA seasoning is 4.24 years. Additional information: self-employed – 49.94%. Regional distribution: London – 19.09%, South East – 16.04%, East of England – 11.94% and the North West – 11.30%.
UL & EU Risk Retention: The Retention Holder will undertake that it will retain, on an ongoing basis as an originator within the meaning of (i) the UK Securitisation Regulation and (ii) EU Securitisation Regulation, a material net economic interest of at least 5% in the securitisation by holding not less than 5% of the outstanding nominal value of each tranche of Notes (except for the XS1 Notes and the XS2 Notes) sold or transferred to the Investors in respect of the UK Retention Requirement and in respect of the EU Retention Requirement.
US Risk Retention: GSI (in its capacity as sponsor) intends to comply with the requirements of the US Risk Retention Rules by acquiring on the Issue Date and retaining, through the Retention Holder, its majority owned affiliate, the US Retained Interest in the form of an eligible vertical interest ("EVI") in each Class of Notes and Certificates issued by the Issuer in the required amount of not less than 5 per cent of the nominal amount of each such Class.
Compare/contrast: Finsbury Square 2020-2 plc, Parkmore Point RMBS 2022-1