Meridian Funding 2025-1 PLC: 01 November 2025

A stand-alone transaction, where the primary source of funds to make payments on the Certificates and the Residual Instruments will be rental and acquisition payments received from a portfolio comprising owner-occupied and buy-to-let Home Purchase Plans originated by StrideUp and their related residential properties located in England.

StrideUp Homes Limited is a company incorporated under the laws of England and Wales, and is authorised and regulated by the FCA. StrideUp is a direct wholly owned subsidiary of Seven Summits Financial Limited and is the operating business which undertakes all activities in relation to providing Home Purchase Plans in the UK.

The provisional pool consists of 923 home purchase plans (HPP), where 904 (97.67% by current balance) are amortising and 19 (2.33%) are bullet. The average current HPP balance is £260,936 and the largest is £1.294mln. Occupancy: owner-occupied – 96.09%, BTL – 3.91%. Rental Payment Type: Fixed Rental Rate with compulsory future switch to floating = 99.94%. The Current Finance to Original Market Value is 71.87% (original was 72.94%) and the WA seasoning is 8.21 months. Geographical Distribution: Greater London – 40.08%, North West – 12.51%, East Anglia – 11.25% and South East – 10.78%.

For eligibility criteria, please see the relevant sections in the prospectus.

UK & EU Risk Retention: On the Closing Date, StrideUp (the Retention Holder) will retain, as original lender, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with (a) Article 6(1) of the EU Securitisation Regulation and (b) SECN 5.2 (the “FCA Retention Requirements”. As at the Closing Date, such interest will be comprised of the Retention Holder holding not less than 5% of the nominal value of each of the Asset Backed Certificates.

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

STS: The Certificates are not intended to be designated as UK STS for the purposes of the UK Securitisation Framework.

Compare/contrast: Tolkien Funding Sukuk No.1 plc (redeemed), Hadrian Funding 2025-1 plc