Exmoor Funding 2024-1 PLC: 14 June 2024

A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising first ranking mortgage loans and secured over residential properties located in England, Wales and Scotland and sold by the Seller to the Issuer on the Closing Date.

The Seller, LiveMore Investments Limited, is a direct wholly-owned subsidiary of LiveMore Holdings Limited, the LiveMore group's holding company. LiveMore Investments Limited is the direct parent company of LMC. LiveMore was founded in 2020 to solve a problem that many people aged 50-90+ in the UK face: accessing the mortgage options they need, and they offer a broad range of mortgages for people aged 50-90+ across England, Wales and Mainland Scotland.

The Provisional Portfolio at the cut-off date (31 January 2024) consisted of 1,050 first-ranking owner-occupied mortgage loans, where the average current balance per loan is £171,180. Repayment type: Retirement Interest-only – 66.34%, Standard Interest-only – 30.87% and Standard Repayment – 2.78%. Interest type: fixed rate with compulsory switch to floating – 85.76%, fixed – 14.24%. Additional information: Pensioner borrowers – 39.22%. The WA current Indexed LTV is 45.85% (original LTV was 46.20%) and the WA seasoning is 14.34 months. Regional concentration: outer South East – 20.79%, South West – 13.77%, East Anglia – 12.48% and London – 11.45%.

UK & EU Risk Retention: The Seller will, as originator for the purposes of (i) the UK Securitisation Regulation and (ii) the EU Securitisation Regulation, retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation at the Closing Date. Such interest will be satisfied by the Seller holding no less than 5% of the nominal value of each Class of Notes (other than the Class X Notes).

US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, but rather it intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: On or about the Closing Date, it is intended that a notification will be submitted to the FCA by the Seller, as originator, confirming that the requirements of Articles 18-22 of the UK Securitisation Regulation have been satisfied with respect to the Notes.

Compare/contrast: Duncan Funding 2024-1 plc, Auburn 15