Edenbrook Mortgage Funding PLC: 19 July 2024

A stand-alone transaction where the Issuer will make payments on the Debt and the Certificates from payments of principal and revenue received from a portfolio comprising mortgage loans originated by CHL Mortgages for Intermediaries Limited secured over residential buy-to-let properties located in England and Wales.

At the cut-off date (31 March 2024) the provisional pool consists of 1,973 full valuation BTL mortgage loan accounts, where the average mortgage loan balance is £228,206 and the maximum is £1.499mln. Borrower type: Ltd company – 64.69%, individual – 35.31%. Mortgage Loan Purpose: purchase -36.16%, re-mortgage - 62.91% and renovation - 0.93%. Repayment type: interest-only - 97.39%, repayment - 2.61%. Arrears: current 98.08%, 90+ days in arrears 0.37%. The WA indexed current LTV is 73.44% (original LTV was 72.51%) and the WA seasoning is 20.80 months. Regional concentration: London - 39.48%, South East England - 23.94% and the South West - 7.97%.

UK & EU Risk Retention: On the Issue Date, Barossa Asset Purchaser SARL (the Risk Retention Holder) will, in its capacity as an “originator” for the purposes of the UK Securitisation Regulation and the EU Securitisation Regulation, undertake that it has retained and will continue to retain, on an ongoing basis, a material net economic interest in the securitisation of not less than 5% as required by (a) Article 6(1) of the UK Securitisation Regulation and (b) Article 6(1) of the EU Securitisation Regulation. Such retention of a material net economic interest will comprise of the retention by the Risk Retention Holder (either directly or through a directly or indirectly wholly-owned entity or entities) of the economic exposure to the Risk Retention Notes, being not less than 5% of the nominal value of each of the tranches sold or transferred to investors.

US Risk Retention: The Seller, as the “sponsor” does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding certain foreign-related transactions.

STS: No notification will be submitted to the FCA in accordance with Article 27 of the UK Securitisation Regulation.

Compare/contrast: Atlas Funding 2024-1 plc, Residential Mortgage Securities No 33 plc, Duncan Funding 2024-1 plc