Lifetime Mortgage Funding I PLC: 22 December 2024

A stand-alone transaction, where the Issuer will make payments on the Notes from the collections received from a portfolio of equity release mortgages secured over residential properties located in England, Wales, Scotland and Northern Ireland. Prior to the Closing Date, the Mortgage Portfolio has been serviced by Aviva Equity Release UK Limited who is also the Servicer under the transaction.

At the cut-off date (28 June 2024) the Mortgage Portfolio consists of 5,312 loans (in 6,745 loan parts) where the average loan balance is £140,904 and the largest is for £6.633mln. The WA Index Property Value is £905,917 and the WA age of the youngest borrower is 79.02 years old. Borrowers: single – 65.85%, joint – 25.80%, vacant & other – 8.35%. The WA seasoning is 11.10 years. Geographical Distribution: London – 22.83%, South East – 13.88% and Scotland – 9.95%.

Significant Investor: On the Closing Date Aviva will acquire 100% of the Class A1 Notes and 100% of the Class A2 Notes.

UK & EU Risk Retention: On the Closing Date, Aira Force Capital Optimization Strategies LLC (the Retention Holder) will, as an “originator”, undertake to retain on an ongoing basis a material net economic interest in the securitisation of not less than 5% as required by (i) Article 6 of the EU Securitisation Regulation and (ii) SECN 5 (the “FCA Retention Rules” and the “UK Retention Rules”). As at the Closing Date, the Retention Undertaking will be satisfied by the Retention Holder holding a net economic interest of not less than 5% in the securitisation by way of an interest in the first loss tranche and other tranches having the same or a more severe risk profile than those transferred or sold to investors.

US Risk Retention: The Retention Holder will satisfy the requirements of the “sponsor of a securitisation transaction” under the US Credit Risk Retention Requirements by retaining an economic interest in the credit risk of the securitised assets, directly or through one of its majority-owned affiliates, through to the Sunset Date as an eligible horizontal cash reserve account.

STS: The Notes are not intended to be designated as a EU STS securitisation or a UK STS securitisation.

Compare/contrast: Auburn 15, ERM Funding plc (Note Programme 2021)