Mortimer 2024-MIX: 09 November 2024

A stand-alone transaction, where the Issuer will make payments on the Notes and the Certificates from payments of principal and revenue received from a portfolio comprising of buy-to-let mortgage loans originated by LendInvest BTL Limited (LIBTL) and owner-occupied mortgage loans originated by LendInvest Loans Limited (LLL) secured over residential properties located in England, Wales and Scotland. This will be LendInvest’s sixth public securitisation, but the first via the “MIX” name.

The provisional pool (as at 30 September 2024) consisted of 1,181 mixed loans, where the average current balance is £241,752 and the largest is for £1.426mln. All loans are performing and all were subject to a full property valuation. Borrower type: BTL – 67.05%, owner-occupied – 32.95%. Loan Purpose (by current balances): remortgage – 63.64%, purchase – 36.36%. Borrower Type: company – 75.10%, individual – 24.90%. Repayment type: Interest-only – 70.77%. Interest rate type: fixed reverting to BBR – 91.51%, variable – 8.49%. The WA current LTV is 71.28% (original LTV was 71.53%) and the WA seasoning is 8.22 months. Regional distribution: Greater London – 40.48%, South East – 14.35%, East of England – 9.13% and the North West – 7.19%.

UK & EU Risk Retention: LIBTL and LLL (each a “Retention Holder”) will undertake that they will retain, as original lender, on an ongoing basis, a material net economic interest of at least 5% in the securitisation as required by Article 6(1) of the UK Securitisation Regulation and Article 6 of the EU Securitisation Regulation. As at the Issue Date, such interest will be comprised of the Retention Holder holding no less than 5% of the nominal value of each Class of Notes sold to Noteholders.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the US Risk Retention Rules, but rather it is intended to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

Compare/contrast: Mortimer BTL 2023-1, Pavillion Mortgages 2024-1, Kenrick No.4 plc