Jamestown Residential 2024-1 : 25 July 2024

Essentially a re-financing of the short-lived Cavan Securities Funding No.1, where the Issuer will make payments on the Notes from, inter alia, payments of principal and revenue received from a portfolio comprising mortgage loans which are secured over residential properties located in Ireland and certain Cavan Unsecured Loans, the beneficial interest in which will be sold to the Issuer by the Sellers on the Closing Date.

On the Closing Date, the Issuer will purchase (a) a portfolio of loans from Jamestown Residential 2021-DAC which were originated by Bank of Scotland (Ireland) Limited, Start Mortgages DAC and Nua Mortgages Limited, and (b) a portfolio of loans from Cavan Securities Funding No.1.

At the cut-off date the portfolio consists of 4,594 accounts (3,116 sub accounts) where the average current account balance is Eur153,737 and the largest is Eur2.681 mln. Loan purpose: re-mortgage – 54.78%, purchase – 45.22%. Occupancy type: owner-occupied – 91.74%, BTL – 8.26%.. Interest rate type: variable – 93.42%, fixed – 6.58%. The WA indexed CLTV is 49.91% (original LTV was 68.94%) and the WA seasoning is 213 months. Regional concentration: Dublin – 40.45. Additional data: Performing loans – 67.22%, Re-structured Loans – 87.67%, Loans in Arrears > 3 month – 25.40%.

EU & UK Risk Retention: On the Closing Date Barclays Bank Ireland plc (the Retention Holder), as originator, will retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the UK Securitisation Regulation and Article 6(1) of the EU Securitisation Regulation. As at the Closing Date, the retention will comprise the Retention Holder holding not less than 5% of the nominal value of each Class of Notes sold to Noteholders.

US Risk Retention: The Retention Holder has agreed to act as a "sponsor" under the US Credit Risk Retention Requirements and to comply with Section 15G of the US Securities Exchange Act. The Retention Holder intends to satisfy the US Credit Risk Retention Requirements by acquiring and retaining, directly, an eligible vertical interest (an EVI) equal to a minimum of 5% of the nominal value of each Class of Notes.

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

Compare/contrast: Jamestown Residential 2021-1(redeemed), Cavan Securities No.1