Elstree 2025-1 1ST PLC: 16 March 2025
A stand-alone transaction where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising first ranking buy-to-let mortgage loans and owner occupied mortgage loans and their related security originated by the Seller or West One Loan Limited and secured over residential properties located in England, Wales and Scotland. This will be the sixth public securitisation from West One Secured Loans Limited.
As at the Portfolio Reference Date (31 December 2024) the Provisional Portfolio comprised 899 loans originated by the Seller or West One Loan Limited.
Summary ……………………… Total ……First Ranking BTL loans First Ranking OO loans
No. of Mortgage Loans……… 899 ………… … . 244 ……………………… 655
Average Current Balance.. .. 200,595 ………. .. 286,533 ……....……… …168,582
Max Current Balance ….… 1,676,373……. .. 1,676,373 ……………… ..1,268,154
Owner-Occupied (%) … .… . 61.23%........ .... ... .. 0.00% …………..… …..100.00%
BTL (%) ……………… …… .38.77% ………... .100.00% …………… …. 0.00%
WA OLTV ………………... … 67.07% ……… … 70.19% …………… ….. . 65.09%
WA CLTV ………………… .. 65.57% ………… . 69.32% ……………… .. ..63.19%
Fixed Rate loans (%)……… 98.10% ……… … 100.00% ………….…. … 96.89%
Floating Rate loans (%)…….. 1.90% ………… .. 0.00% ………….……… 3.11%
WA Seasoning (months) ……. 4.56…………… .. 11.75………………....... 0.00
UK & EU Risk Retention: The Seller will undertake that, for so long as any Notes remain outstanding, it will retain on an ongoing basis the Retained Exposures as required by the Retention Requirements in compliance with the UK Securitisation Framework and the EU Securitisation Regulation.
US Risk Retention: The Seller, as 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 with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non US transactions.
Compare/contrast: Elstree Funding No.5, Elvet Mortgages 2025-1, Together Asset Backed Securitisation 2025-2ND1 plc