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Residential Mortgage Securities No 33 plc: 20 June 2024

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 mortgage loans secured by first and second ranking security over residential properties located in England, Wales and Scotland.

The Loans were originated by the Legacy Originators, being each of KMC, GMAC-RFC, SPML, LMC and MPL. MPL has since been dissolved. The Loans were originated by the Legacy Originators between March 1996 and May 2014 in the following proportions: KMC and its affiliates – 47.75%, LMC – 24.05%, MPL – 16.54%, SPML – 6.23% and GMAC-RFC – 5.43%.

The Mortgage Pool as at 30 April 2024 consisted of 4,367 loans, where the average loan balance is £91,808, and the largest is £745,874. Loan status: 1st Lien – 97.49%. Tenancy: owner-occupied – 87.22%, BTL – 12.78%. Repayment Type: interest only – 82.27%, repayment – 16.65% and P&P – 1.08%. Interest Rate type: variable – 98.57%, other – 1.43%. The WA current indexed LTV is 47.08%, the current LTV is 78.82% (original LTV was 79.55%) and the WA seasoning is 209.40 months. Additional information: Performing – 60.66%; 90+ Arrears – 29.11%; Self Certified – 65.16%. Regional distribution: London – 23.68%, North West – 12.96%, South East – 12.00% and East of England – 10.67%.

Significant investor: On the Issue Date, it is expected that one or more third party investors (which may include, without limitation, one or more funds, acting directly or through an affiliate) will collectively hold 95% of the Principal Amount Outstanding of the Notes and the Certificates, other than the Retention Notes.

UK & EU Risk Retention: The Retention Holder will undertake that it will retain, on an ongoing basis, as an originator within the meaning of (i) the UK Securitisation Regulation and (ii) EU Securitisation Regulation, a material net economic interest of at least 5% in the securitisation.

US Risk Retention: GSI (in its capacity as sponsor) intends to comply with the requirements of the US Risk Retention Rules by acquiring on the Issue Date and retaining, through the Retention Holder (its majority owned affiliate) the US Retained Interest in the form of an eligible vertical interest ("EVI") in each Class of Notes and Certificates issued.

Compare/contrast: Stratton Mortgage Funding 2024-3, Duncan Funding 2024-1 plc