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Small Business Origination Loan Trust 2024-1: 21 June 2024

This will be the eighth public securitisation from Funding Circle (see for earlier transactions).

The Issuer will make payments on the Notes from payments of principal and interest on a portfolio of loans originated through the Funding Circle Platform which will be purchased by the Issuer from Glencar Investments 40 DAC on the Closing Date.

Each of the Purchased Loan Receivables in the Loan Portfolio was initially advanced by the Seller or acquired by it, in each case through the Funding Circle Platform. On the Provisional Loan Portfolio Cut-Off Date, the Provisional Loan Portfolio was comprised of 3,552 Loans advanced to 3,524 Funding Circle borrowers and had an Aggregate Collateral Principal Balance of £225.306mln. The average collateral principal balance is £63,430 and the WA seasoning is 8.40 months. The largest obligor accounts for 0.23% of current balances and the top 10 for 1.86%. Borrower type: limited company - 96.87%, sole trader - 1.76% and other - 1.37%. Regional concentration: South East - 24.66%, the Midlands - 13.88%, London - 13.60% and the North West - 11.32%.

UK & EU Risk Retention: Waterfall Eden Master Fund Ltd (the Retention Holder) acting as “original lender” for the purposes of Article 2(20) of the EU Securitisation Regulation and Article 2(20) of the UK 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 of the EU Securitisation Regulation and Article 6 of the UK Securitisation Regulation.

STS Securitisation: At the Closing Date, the transaction is intended to qualify as a simple, transparent and standardised securitisation within the meaning of Article 18 of the UK Securitisation Regulation.

Compare/contrast: Small Business Origination Loan Trust 2023-1