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Artemis Mortgages PLC: 28 June 2023

A stand-alone transaction, where the Issuer will make payments on the Notes, the Certificates and the VRR Loan Note from payments of principal and revenue received from a portfolio comprising buy-to-let mortgage loans originated by LendInvest BTL Limited and secured over residential properties located in England, Wales and Scotland which were purchased by the Issuer from the Seller on the Closing Date.

The Portfolio was acquired by Citibank, N.A., London from Mortimer BTL 2020-1 PLC. On the Closing Date, the Sponsor sold the Portfolio to the Seller and the Seller immediately on-sold the Portfolio to the Issuer.

The portfolio consists of 1,083 interest-only BTL loans advanced to 1,704 debtors, where the average balance is £193,321 and the largest is £757,500. Interest Rate Type: fixed (reverting to floating) – 96.39%, floating – 3.61%. Loan Purpose: re-mortgage – 63.79%, purchase – 36.21%. The WA current LTV is 72.68% (original LTV was 72.68%) and the WA seasoning is 3.71 years. Regional distribution: London – 36.51%, South East – 16.55% and East of England – 11.73%.

UK & EU Risk Retention: On and from the Closing Date, Citibank, N.A., London Branch (the Retention Holder) will, as an originator, retain a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the Regulation (EU) 2017/2402 and Article 6(1) of the EU Securitisation Regulation as it forms part of domestic law of the United Kingdom.

US Risk Retention: This securitisation transaction will be subject to the credit risk retention requirements of Section 15G of the US Securities Exchange Act of 1934. The Retention Holder shall satisfy its obligations under the US Credit Risk Retention Requirements by acquiring and retaining (directly or through a majority-owned Affiliate) on the Closing Date a “single vertical security” that is an “eligible vertical interest” in the Issuer in the form of the VRR Loan Note.

STS: The Notes are not intended to be designated as a UK STS securitisation or an EU STS securitisation for the purposes of the UK Securitisation Regulation or the EU Securitisation Regulation.

Compare/contrast: Mortimer BTL 2020-1 PLC, CMF 2023-1 PLC, Tower Bridge Funding 2023-2