PMF 2024-2 : 16 December 2024
The Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans and their related security originated by Charter Court Financial Services Limited under its trading name of Precise Mortgages, and secured over residential properties located in England and Wales.
As at the Portfolio Reference Date (31 October 2024) the Provisional Portfolio comprises of 6,256 fixed-rate loans, secured over BTL properties located in England and Wales. All mortgages are first legal mortgage / first ranking standard security, virtually all were subject to a full property valuation (99.98%) and none were in arrears. The average current balance is £200,153 and the largest is for £1.473mln. Repayment Method: Interest only – 94.90%, repayment – 5.10%. Additional information (% of current balances): self-employed borrowers - 49.89%, portfolio landlords – 24.32%, refinanced loans - 53.68%. The WA current LTV is 73.66% (original LTV 73.85%) and the WA seasoning is 37.91 months. Regional concentration (by current balances): Greater London – 36.49%, South East - 16.76%, East Anglia - 9.96%, the North West - 8.52%.
UK & EU Risk Retention: CCFS (in its capacity as originator) retains on an ongoing basis a material net economic interest of not less than 5% in the securitisation.
US Risk Retention: The sponsor under the US Risk Retention Rules does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.
STS: On or about the Closing Date, it is intended that a notification will be submitted to the FCA by CCFS, as originator, in accordance with SECN 2.5, confirming that the requirements of SECN 2.2.2R to SECN 2.2.29R for designation as a UK STS securitisation have been satisfied with respect to the Notes.
Compare/contrast: PMF 2024-1 plc, Elstree Funding No.5, Kenrick No.4 plc