Tower Bridge Funding 2024-1: 13 January 2024

This will be the eleventh public securitisation from Belmont Green and, as per the earlier transactions, the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans originated by BGFL, under its trading name Vida Homeloans, secured over residential properties located in England, Wales and Scotland.

For the full list of lending criteria, please see the relevant section in the final offering circular.

At the cut-off date (30 November 2023) the provisional pool consisted of 1,645 loans, where the current average balance is £186,041 and the largest loan is for £1.016mln. All were subject to a full internal and external inspection. Occupancy type (by current balances): BTL - 69.28%, owner-occupied - 30.72%. Repayment type (by current balances): interest-only - 68.89%, repayment – 31.11%. Interest Rate type: fixed to floating - 100%. Loan purpose: re-mortgage – 50.21%, purchase – 48.76% and right to buy - 1.04%. The WA current LTV is 70.01% (original LTV 70.67%) and the WA seasoning is 26.40 months. Regional concentration: Greater London - 35.70%, South East - 13.72% and East of England - 9.83%. Additional information: self-employed account for 32.55% of balances; CCJs account for 12.03% of balances.

EU & UK Risk Retention: On the Issue Date BGFL will retain on an ongoing basis, as an originator within the meaning of (a) the UK Securitisation Regulation and (b) the EU Securitisation Regulation, a material net economic interest of not less than 5% in the securitisation. As at the Issue Date, the UK Retention Requirement and EU Retention Requirement will each be satisfied by BGFL holding not less than 5% of the nominal value of each of the ‘tranches’ of Notes sold or transferred to investors as contemplated by Article 6(3)(a) of the UK Securitisation Regulation and Article 6(3)(a) of the EU Securitisation Regulation, respectively, such ‘tranches’ being the A Notes, the B Notes, the C Notes and the D Notes.

US Risk Retention Rules: BGFL (in its capacity as the US Retention Holder) as a “sponsor” for the purposes of the US Retention Rules intends to satisfy the requirements by acquiring on the Issue Date and retaining, either directly and/or through one of its majority owned affiliates, an eligible vertical interest equal to a minimum of 5% of the aggregate “ABS interests” issued by the Issuer being, cumulatively, 5% of the Principal Amount Outstanding of each Class of Notes and 5% of the Certificates.

STS: As at the Closing Date, no notification will be submitted to ESMA in accordance with Article 27.

Compare/contrast: Tower Bridge Funding 2023-2, Gemgarto 2023-1 plc, TPMF 2023 - Vantage 3