Odyssey Funding plc: 25 September 2025
A stand-alone transaction, where the Issuer will make payments on the Notes and the Certificates from payments of principal and interest received from a portfolio comprising predominantly first, second or subsequent ranking mortgage loans originated by Selina Finance Limited and sold by it to Canterbury Funding Limited and secured over residential properties located in England, Wales and Scotland.
Selina Finance Limited is a private limited liability company incorporated under the laws of England and Wales. It is a company whose purpose is to originate and administer secured homeowner loans and home equity lines of credit. Selina Finance Limited is registered with the FCA to advise on, enter into and administer regulated mortgage contracts.
As at the Portfolio Reference Date, the pool consisted of 3,939 owner-occupied repayment loans, where the average current loan is £66,699 and the largest is £540,453. Second Charge Mortgages account for 98.63% of the pool. Interest rate type: Fixed (reverting to floating) – 91.53%, Floating for life – 8.47%. Product Category: HOL – 68.32%, HELOC (home equity line of credit product) – 31.68%. The current WA LTV is 64.53% (original WA LTV was 67.39%) and the WA seasoning is 18.13 months. Geographical Concentration: South East – 20.75%, Greater London – 15.43%, East of England – 13.97% and the North West 10.49%.
UK & EU Risk Retention: On the Closing Date and until all the Notes have been redeemed in full, Waterfall Lake Cascade LP (the “Retention Holder”) will, as originator for the purposes of the UK Securitisation Framework and the EU Securitisation Regulation, retain a material net economic interest of not less than 5% in the securitisation by subscribing for, and thereafter holding an interest in, not less than 5% of the outstanding nominal value of each Class of Notes and Certificates sold or transferred to investors.
US Risk Retention: The Retention Holder has agreed that it is the "sponsor" under the US Risk Retention Rules and, as such, shall comply with Section 15G of the US Securities Exchange Act of 1934 by retaining an economic interest in the credit risk of the securitised assets, through to the Sunset Date, directly or through one of its majority-owned affiliates, as an eligible vertical interest, by holding not less than 5% of the outstanding nominal value of each Class of Notes and Certificates as of the Closing Date.
Compare/contrast: Together Asset Backed Securitisation 2025-2ND1 plc, Polaris 2025-2 plc, Hadrian Funding 2025-1 plc