Satus 2024-1: 03 May 2024

This will be the second public issue from Startline Motor Finance Limited, where the Issuer will make payments on the Notes from the payments of principal and interest it receives from borrowers pursuant to motor vehicle hire purchase agreements originated by Startline. These hire purchase agreements provide for fixed monthly payments over the term of the contract and provide for an additional Option to Purchase Fee at the end of the term. The Portfolio will not include PCP Agreements.

The provisional portfolio (as at 31 March 2024) consists of 49,369 fully amortising customer receivables, of both motor vehicle hire purchase agreements and personal contract purchase agreements. The largest outstanding balance is £41,762. Client type: individuals – 100.0%. Car type: Used – 100.00%. The original LTV (where applicable) was 93.58% and the WA seasoning is 13.3 months. Regional Concentration: Scotland – 16.5%, North West – 13.0%, London – 12.8% and the West Midlands – 10.5%.

UK & EU Risk Retention: The Retention Holder, as "original lender" for the purposes of the UK Securitisation Regulation and the EU Securitisation Regulation, will retain for the life of the transaction a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the UK Securitisation Regulation and Article 6(1) of the EU Securitisation Regulation. As at the Closing Date, such interest will be satisfied by the Retention Holder holding no less than a material net economic interest of at least 5% of the nominal value of each of the Classes of Notes sold or transferred to investors.

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 Regulation RR, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: The Seller will procure that, on the Closing Date, a notification confirming that the requirements of Articles 18 to 22 of the UK Securitisation Regulation have been satisfied with respect to the transaction is submitted to the FCA in accordance with Article 27 of the UK Securitisation Regulation.

Compare/contrast: Satus 2021-1, Motor Securities 2023-1 DAC, Silver Arrow SA Compartment UK 2024-1