Genesis Mortgage Funding 2019-1: 01 September 2019

A stand-alone issue, where the Issuer will make payments on the Notes and the Certificates from payments of principal and revenue received from a portfolio comprising mortgage loans acquired from Bluestone Mortgages Limited and secured over residential properties located in England, Wales and Scotland which will be purchased by the Issuer.

At the cut-off date (31 May 2019) the portfolio consisted of 1,102 mortgage loans, where the average current loan balance is £178,434 and the largest loan is for £988,557. All loans were advanced after a full, internal and external inspection. Occupancy Type (by current balances): owner-occupied – 80.67%, BTL – 19.33%. Repayment method: repayment – 83.35%, interest only – 16.65%. Interest rate type: fixed to floating – 95.06%, floating – 4.94%. The WA current LTV is 65.94% (original LTV was 66.69%) and the WA seasoning is 7.42 months. Additional information: self-employed – 35.00%; Borrowers with prior CCJs within 3 years of origination – 14.25%; Bankruptcy/IVA – 4.10%. Regional concentration: South East – 21.02%, Greater London – 20.17%, East of England – 14.40% and the North West – 9.13%.

Peter McGuinness, group CEO at Bluestone, said: “Securitisation has been core to Bluestone’s DNA since 2000, with the wider Bluestone group having completed in excess of 25 transactions across residential and equity release mortgages and motor finance loans. Completing Genesis before the end of the summer has been the target and is a testament to the quality of the portfolio we have originated; we are delighted to welcome a new set of institutional investors to the platform.”

EU Risk Retention: The Seller (the Risk Retention Holder) will undertake to retain, on an ongoing basis as an originator within the meaning of Regulation (EU) 2017/2402, a material net economic interest of not less than 5% in the securitisation, as required by Article 6 of the Securitisation Regulation. In order to satisfy the EU Retention Requirement on the Issue Date, the Risk Retention Holder will hold on an ongoing basis not less than 5% of the nominal value of each of the tranches of Notes (other than the X Notes and the Z Notes) sold or transferred to investors.

US Risk Retention: The Seller 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 the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: Celeste Mortgage Funding 2015-1(redeemed), Tower Bridge Funding No.4