TPMF 2016 - Vantage 1: 14 December 2016

A stand-alone transaction via the Towd series name, where the Issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising loans the equitable or beneficial interest in which will be sold by Cerberus European Residential Holdings B.V. and which were purchased by the Seller from Promontoria (Vantage) Limited under the Initial Mortgage Sale Agreement on or about the Closing Date.

These loans were originally purchased by Promontoria (Vantage) Limited from GE Money Home Lending Limited, GE Money Home Finance Limited, GE Money Mortgages Limited, GE Money Consumer Lending Limited, GE Money Secured Loans Limited, First National Mortgage Corporation Limited, FN Mortgages Limited, Household Mortgage Corporation Limited, Igroup BDA Limited, Igroup 2 Limited, Igroup UK Loans Limited, Igroup 3 Limited and MAES ECP No.1 Limited and secured over residential properties located in England, Wales, Scotland and Northern Ireland.

At the cut-off date (31 October 2016), the provisional pool consisted of 7,566 loans secured over properties located in England, Wales, Northern Ireland or Scotland. The average loan size is £108,602. Repayment Type: Interest-Only 59.22%, Capital & Interest 29.11%, Part & Part 11.67%.

At the Portfolio Reference Date approximately 38.32% of the Provisional Portfolio is in arrears (meaning the relevant Borrower is at least one monthly payment amount past due on the relevant loan), some 22.04% of the Provisional Portfolio by Current Balance is three months or more in arrears and 11.19% of the Provisional Portfolio by Current Balance is six months or more in arrears. Additionally, approximately 2.01% of the Provisional Portfolio constitutes Buy-to-Let Mortgage Loans. The WA Nationwide LTV is 76.85% and the WA seasoning is 121 months.

Significant Investor: On the Closing Date, the Seller or its affiliates will acquire (i) 100% of the Certificates and (ii) 100% of the Class Z Notes and the DC1 Certificates in compliance with its EU and U.S. risk retention requirements.


CRR 405: On the Closing Date, Cerberus European Residential Holdings B.V. will, as an originator for the purposes of the CRR, retain a material net economic interest of not less than 5% of the nominal value of the securitised exposures in the securitisation. As at the Closing Date, this retention will comprise of the holding of the Class Z Notes, as required by the text of each of Article 405(1)(d) of the CRR, Article 254(2)(d) of the Solvency II Regulation and Article 51(1)(d) of the AIFM Regulation.

Compare/contrast: Towd Granite 2, Feldspar 2016-1