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Stratton Mortgage Funding 2024-2: 06 April 2024

This is essentially a re-financing of the Stratton Mortgage Funding 2021-1 transaction.

It is a stand-alone transaction where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans and their related security sold on the Closing Date by Ertow Holdings V and originated by the Originators (see p204 in the Prospectus) subsequently sold by the relevant Interim Moonraker Legal Title Holder and secured over residential properties located in England, Wales, Northern Ireland and Scotland which will be purchased by the Issuer on the Closing Date.

The provisional portfolio (as at 31 January 2024) consists of 2,514 loans (Moonraker – 916 loans, Sunbury – 1,598) where the average current balance per loan is £122,223. Occupancy Type (by current balances): Owner-Occupied – 64.73%, BTL – 35.27%. Repayment Method (by current balances): interest only – 91.08%, repayment – 8.87% and P&P – 0.04%. RE-structured: No – 53.55%, Yes – 46.45%. Current arrears: 1 month or more in arrears – 27.91%, 3 month or more in arrears – 17.05%. The WA current LTV is 80.22% (original LTV was 81.61%), the WA indexed LTV is 48.20% and the WA seasoning is 17.04 years. Regional distribution: Greater London – 28.95%, South East – 15.55%, North West – 13.09% and the West Midlands – 8.29%.

EU & UK Risk Retention: On the Closing Date, Burlington Loan Management (the "Retention Holder") will, as an originator for the purposes of the Securitisation Regulations, retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation. Such interest will comprise retention by the Retention Holder of 5% of the nominal value of each Class of the Collateralised Notes issued by the Issuer on the Closing Date.

US Risk Retention: The Retention Holder, as sponsor, intends to satisfy the US Credit Risk Retention Requirements by acquiring and retaining a minimum of 5% of the nominal value of each Class of the Debt and Residual Certificates, representing at least 5% of all "ABS interests" issued by the Issuer as of the Closing Date.

Compare/contrast: Stratton Mortgage Funding 2021-1