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Mortimer BTL 2023-1 PLC: 01 December 2023

A stand-alone transaction, where the Issuer will make payments on the Notes and the Certificates 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. This will be LendInvest’s fifth public securitisation.

The provisional pool (as at 2 October 2023) consisted of 2,075 BTL loans, where the average current balance is £197,550 and the largest is for £1.352mln. All loans are performing and the vast majority were subject to a full property valuation (99.02%). Loan Purpose (by current balances): remortgage – 66.66%, purchase – 33.34%. Borrower Type: company – 75.10%, individual – 24.90%. Repayment type: Interest-only – 100%. Interest rate type: all are variable rate. The WA current LTV is 70.64% (original LTV was 70.83%) and the WA seasoning is 23.83 months. Regional distribution: Greater London – 35.84%, South East – 14.83%, East of England – 9.29% and the North West – 8.76%.

UK & EU Risk Retention: LendInvest Limited will undertake that it will retain, as original lender, on an ongoing basis, a material net economic interest of at least 5% in the securitisation as required by Article 6(1) of the UK Securitisation Regulation and Article 6 of the EU Securitisation Regulation. As at the Issue Date, such interest will be comprised of the Retention Holder holding no less than 5% of the nominal value of each Class of Notes sold to Noteholders.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the US Risk Retention Rules, but rather it is intended to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

Compare/contrast: Mortimer BTL 2022-1, Lanebrook Mortgage Transaction 2023-1 plc, Elvet Mortgages 2023-1