Bletchley Park Funding 2025-1 PLC : 18 June 2025

The second stand-alone transaction under the Bletchley name, where the Issuer will make payments on the Notes from payments of principal and interest received from a portfolio of buy-to-let mortgage loans originated by Quantum Mortgages Limited and secured on properties located in England, Wales and Northern Ireland.

As at the portfolio reference date the portfolio consisted of 1,144 BTL loans advanced to 866 borrowers. The average outstanding balance per account is £240,096 and the largest is for £1.382mln. All loans were subject to a full property valuation and the vast majority are performing (99.48%). Borrower type: company – 85.82%, individuals – 14.18%. Redemption type: interest-only – 97.54%, capital & interest - 2.46%. Loan purpose: Investment Mortgage – 100.00%. Product type: fixed - 99.53% and variable – 0.47%. The WA CLTV is 73.58% (OLTV was 73.60%) and the WA seasoning is 5.9 months. Additional information: self-employed – 8.21%, CCJ’s – 0.8%. Regional concentration: London - 37.15%, the North West – 15.45% and the South East - 10.8%.

UK & EU Risk Retention: On the Closing Date, the EU/UK Retention Holders (CVI CVF VI Cayman Securities LP, CVI CVF V Cayman Securities Ltd, CVI ABF Cayman Securities Ltd, CVI AA Lux Securities Sàrl, CarVal, CSC Cayman Securities Ltd, CVI CSF Cayman Securities LP) will retain on a several basis (and not joint) in accordance with their pro rata allocations, in their capacity as originators, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with: (i) Article 6(1) of the UK Securitisation Regulation and Article 6(3)(a) of the UK Securitisation Regulation; and (ii) Article 6(1) of the EU Securitisation Regulation.

US Risk Retention: The Beneficial Title Seller, as the sponsor under the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, does not intend to retain at least 5% of the credit risk of the securitised assets for the purposes of compliance with the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: No notification will be submitted to the FCA in accordance with Article 27 of the UK Securitisation Regulation confirming that the requirements of Article 18 and Articles 19 to 22 of the UK Securitisation Regulation have been satisfied with respect to the Notes.

Compare/contrast: Bletchley Park Funding 2024-1, London Bridge Mortgages 2025-1 plc, Elvet Mortgages 2025-1