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Artemis Mortgages PLC (2024 Re-financing): 14 June 2024

A re-financing of the original Artemis transaction which initially closed on 20 June 2023, and the Precise Mortgage Funding 2019-1B transaction.

This is a stand-alone transaction, where the Issuer will make payments on the Notes, the Certificates and the VRR Loan Note 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, and a portfolio comprising buy-to-let mortgage loans originated by Charter Court Financial Services Limited and secured over residential properties located in England and Wales.

The portfolio consists of 2,408 interest-only BTL loans advanced to 1,704 debtors, where the average balance is £174,836 and the largest is £1.025mln. Interest Rate Type: fixed (reverting to floating) – 88.57%, floating – 11.43%. Loan Purpose: re-mortgage – 61.01%, purchase – 38.99%. The WA current LTV is 72.13% (original LTV was 73.02%) and the WA seasoning is 5.40 years. Regional distribution: London – 32.15%, South East – 17.85% and East Anglia – 9.05%.

UK & EU Risk Retention: On and from the Closing Date, Citibank NA London Branch (the Retention Holder) will, as an originator, retain a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the Regulation (EU) 2017/2402 and Article 6(1) of the EU Securitisation Regulation as it forms part of domestic law of the United Kingdom.

US Risk Retention: This securitisation transaction will be subject to the credit risk retention requirements of Section 15G of the US Securities Exchange Act of 1934. The Retention Holder shall satisfy its obligations under the US Credit Risk Retention Requirements by acquiring and retaining (directly or through a majority-owned Affiliate) on the Closing Date a “single vertical security” that is an “eligible vertical interest” in the Issuer in the form of the VRR Loan Note.

STS: The Notes are not intended to be designated as a UK STS securitisation or a EU STS securitisation for the purposes of the UK Securitisation Regulation or the EU Securitisation Regulation.

Compare/contrast: Artemis Mortgages plc, Precise Mortgage Funding 2019-1B (redeemed)