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TPMF 2024 - Granite 6 Plc: 27 April 2024

The deal is essentially a re-financing of the earlier TPMF 2019 - Granite 4 plc and TPMF 2019 - Granite 5 plc transactions.

A stand-alone issuance, where the Issuer will make payments on the Notes and Certificates from payments of principal and revenue received from a portfolio comprising unsecured personal loans originally originated by Landmark Mortgages Limited (formerly Northern Rock plc, Northern Rock (Asset Management) plc, NRAM plc and, latterly, Landmark Mortgages plc) an equitable or beneficial interest of which was acquired by the Issuer from the Seller on the Closing Date.

As at 31 January 2024 the full portfolio consisted of 36,091 owner-occupied loans, where the average loan balance is £42,273 and the maximum is £983,656. Repayment method: interest only – 65.33%, repayment – 34.47%, P&P – 0.19%. Interest rate type: floating for life – 51.43%, discount – 48.55%, fixed for life – 0.01%. The WA current Indexed CLTV is 45.41% and the WA seasoning is 218 months. Loan Status: Current – 79.42%, >=3 Months in Arrears – 14.57%. Regional distribution: the North West – 14.09%, the South East – 13.53%, Greater London – 12.43% and the East of England – 8.83%.

Significant investor: On the Closing Date, it is expected that an investor will acquire 95% of the Class A1 Notes.

UK & EU Risk Retention: On the Closing Date, the Retention Holder (CERH) will undertake that it will retain (either directly or through a wholly-owned subsidiary or subsidiaries) on an ongoing basis a material net economic interest of at least 5% in the securitisation. Such interest will be comprised of retention of no less than 5% of the nominal value of each of the tranches sold or transferred to investors.

US Risk Retention: CERH and FirstKey Mortgage LLC are required under Section 15G of the Exchange Act to ensure that one Co-Sponsor (directly or through a majority-owned affiliate of such Co-Sponsor) acquires and retains the US Required Risk Retention Interest. The Co-Sponsors intend to satisfy the US Credit Risk Retention Requirements on the Closing Date by designating CERH (the "Retention Holder") as the sponsor that will acquire and retain, directly or through a majority-owned affiliate, the US Required Risk Retention Interest in the form of an EVI.

Compare/contrast: TPMF 2019 - Granite 4 plc (redeemed), TPMF 2019 - Granite 5 plc (redeemed)