Pierpont BTL 2024-1 plc: 12 November 2024

The third stand-alone transaction via the Pierpont label, where the Issuer will make payments on the Notes and the Residual Certificates from payments of principal and revenue received from a portfolio comprising buy-to-let mortgage loans and their related security sold on the Closing Date by JPMorgan Chase Bank NA London Branch and originated by LendInvest BTL Limited, and a portfolio comprising buy-to-let mortgage loans and their related security sold on the Closing Date by the Seller to the Issuer and originated by MTF (LE) Limited, and secured over residential properties located in England, Wales and Scotland.

The mortgage Pool as at 1 April 2023 consisted of 1,242 full valuation loans (Lendinvest 676 loans / 60.59% by current balance; MTF 566/39.41%) where the average balance is £241,340 and the largest loan is for £1.233mln. None are in arrears. Ownership type: BTL – 100%. Borrower Type: company – 80.62%, individual – 19.38%. Loan Purpose: re-mortgage – 50.14%, purchase – 33.00%, equity release – 16.86%. Redemption type: Interest only – 99.12%. Interest rate type: Fixed to Floating – 100.00%. The WA current LTV is 73.76% (original LTV was 73.70%) and the WA seasoning is 6.15 months. Regional distribution: Greater London – 50.53%, the North West – 9.99% and the South East – 9.93%.

UK & EU Risk Retention: JPMorgan Chase Bank NA London Branch (the Retention Holder) will retain, as an originator for the purposes of the Securitisation Regulations, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation. As at the Closing Date, the EU Retention Requirement and UK Retention Requirement will be satisfied by the Retention Holder holding the economic interest in not less than 5% of the nominal value of each class of Notes sold or transferred to investors.

US Risk Retention: The Retention Holder intends to comply with the requirements of the US Risk Retention Rules by acquiring on the Closing Date and retaining, either directly or through a majority-owned affiliate, the US Risk Retained Interest in the form of an eligible vertical interest equal to not less than 5% of each Class of Notes and 5% of the Certificates or Residual Certificates.

Compare/contrast: Pierpont BTL 2023-1 plc, Auburn 15, Kenrick No.4 plc