RMAC No.3 PLC: 21 September 2023
Essentially a re-financing of RMAC No.1 & No.2
A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising buy-to-let mortgage loans and owner-occupied mortgage loans sold by Paratus AMC Limited (the Seller) which were originated by GMAC-RFC Limited (currently known as Paratus AMC Limited), Amber Homeloans Limited, the participating firms in GMAC-RFC’s correspondent lending programme, and Future Mortgages 1 Limited, and secured over residential properties located in England, Wales, Scotland and Northern Ireland, and which will be purchased by the Issuer from the Seller on the Closing Date.
As at the portfolio reference date (31 May 2023) the portfolio consisted of 4,607 floating rate loans, where the average outstanding balance per account is £74,821 and the largest is for £538,082. Borrower type: owner-occupied – 89.67%, BTL – 10.33%.
Redemption type: interest-only - 82.21%, capital & interest – 15.83% and part & part - 1.96%. Loan purpose: re-mortgage - 56.49%, purchase - 43.51%. Additional information: self-certified – 64.04%, non-verified – 16.45%.
The WA CLTV is 70.40% (OLTV was 76.47%) and the WA seasoning is 18.48 years. Regional concentration: London - 23.19%, the North West – 12.95%, South East - 12.46% and East of England - 10.69%.
UK & EU Risk Retention: On the Closing Date and until all the Notes have been redeemed in full, Paratus, as Originator, will retain a material net economic interest of not less than 5% in the securitisation by subscribing for and thereafter holding an interest in each of the Classes of Notes sold to investors.
US Risk Retention: The Seller, as the sponsor under the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, does not intend to retain at least 5% of the "credit risk" of the "securitized assets", 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: RMAC No.1 & 2, Avon Finance 4