TPMF 2017 - Auburn 11: 23 February 2017

A standalone issuance, where the issuer will make payments on the Notes and Certificates from payments of principal and revenue on a portfolio comprising mortgage loans originated by the relevant originator and secured over residential and commercial properties located in England, Wales, Scotland and Northern Ireland which will be purchased by the issuer on the Closing Date.

The Provisional Mortgage Portfolio was drawn up as at the Portfolio Reference Date and comprised 13,534 Mortgage Loan Accounts with an aggregate Current Balance of £1.646bln. The Provisional Mortgage Portfolio consists of Mortgage Loans originated by the relevant Originator and (i) previously legally and beneficially owned by the relevant Originator, (ii) previously beneficially owned by Auburn Securities 6 plc, or (iii) previously beneficially owned by Auburn Securities 7 plc. The beneficial interest in the Mortgage Loans under (ii) and (iii) above was repurchased by CHL from Auburn Securities 6 plc and Auburn Securities 7 plc, as applicable, on or about 23 July 2015.

The provisional pool consists of 13,534 variable-rate mortgage loan accounts advanced to 15,193 borrowers, where the average loan balance is £121,655 and the maximum is £1.415mln. Mortgage Loan Purpose: purchase 51.12%, re-mortgage 47.52%, equity release 1.36%. Occupancy Type: BTL 92.85%, Owner Occupied 7.15%. Repayment type: interest-only 97.57%, repayment 1.38%, part & part 1.05%. Arrears: current 98.63%, 90+ days in arrears 0.55%. The WA indexed current LTV is 70.00% (original LTV was 82.63%) and the WA seasoning is 119 months. Regional concentration: Greater London 22.88%, South East England 17.20%, North West England 15.52% and Yorkshire & Humberside 10.35%.


CRR 405: On the Closing Date, the Retention Holder, (Cerberus European Residential Holdings B.V.) in its capacity as an originator for the purposes of the CRR, will undertake that it will retain (either directly or through a majority-owned affiliate), on an ongoing basis, a material net economic interest of at least 5% in the securitisation in accordance with each of Article 405 of the CRR and Article 51 of the AIFMR and Article 254(2) of the Solvency II Delegated Act. Such interest will be comprised of an interest in the first loss tranche as required by Article 405(1)(d) of the CRR, Article 51(1)(d) of the AIFMR and Article 254(2)(d) of the Solvency II Delegated Act. Such retention requirement will be satisfied by the Retention Holder holding the economic exposure to the Retention Notes.

Compare/contrast: Towd Point Mortgage Funding 2016-Auburn10, Towd Point Mortgage Funding 2016-Granite2 Plc