Fylde Funding 2024-1 PLC: 11 October 2024

The Issuer will make payments on the Notes, the Certificates and the VRR Loan Note from payments of principal and interest received from a portfolio comprising second ranking mortgage loans originated by Tandem Home Loans Limited and secured over residential properties located in England, Wales, Scotland and Northern Ireland.

Tandem Home Loans Limited is a private limited company, the ultimate parent being Tandem Money Limited. THL is one of the UK's largest originators of second charge mortgage loans having gradually expanded its product range since 2016 and leveraged its broad network of distribution partners. The Mortgage Loans were originated by the THL.

As at the Portfolio Reference Date, the Provisional Mortgage Portfolio consisted of 7,749 Second Charge fixed-rate mortgage loans, where the average current balance is £37,464 and the largest is for £240,793. Occupancy: owner-occupied – 95.78%. Repayment type: Repayment – 100%. Verified borrowers Income – 100%. The WA current ILTV is 66.85% ( original LTV was 66.56%) and WA seasoning is 13.8%. Geographical Concentration: North West – 14.30%, South East – 12.49%, London – 12.30% and East of England – 10.21%.

Significant investor: On the Closing Date, 100% of the entire Principal Amount Outstanding of the Class A Notes will be acquired by a single investor.

UK & EU Risk Retention: On the Closing Date and until all the Notes have been redeemed in full, Tandem Bank Limited (the Retention Holder) will retain a material net economic interest of not less than 5% of the nominal value of the securitised exposures in the securitisation by subscribing for and retaining the VRR Loan Note in an amount equal to not less than 5% of the outstanding nominal value of each tranche sold or transferred to investors.

US Risk Retention: This securitisation transaction will be subject to the credit risk retention requirements of Section 15G of the US Securities Exchange Act by the Retention Holder subscribing for and retaining (directly or through a majority-owned affiliate) a "single vertical security" that is an "eligible vertical interest" in the Issuer in the form of the VRR Loan Note.

Compare/contrast: Polo Funding 2021-1 (redeemed), Together Asset Backed Securitisation 2024-2ND1 plc