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New Issue: Elstree Funding No.3 PLC

Elstree Funding No. 3 PLC is a static RMBS transaction that securitizes a portfolio of £321.55 million of mortgage loans secured over properties in the U.K. Of the loans in the pool, 65.2% are first-lien buy-to-let (BTL) mortgages, 31.1% are second-lien owner-occupied mortgages, and 3.7% are second-lien BTL mortgage loans. The loans in the pool were originated by West One Secured Loans Ltd. (WOSL), a wholly owned subsidiary of Enra Specialist Finance Ltd. (Enra), between 2021 and 2022. Most of the second-lien owner-occupied pool is considered to be prime, with 98.4% originated under Enra's "prime plus" or "prime" product range and the remainder categorized as "near prime". The near prime loans are categorized by lower credit scores and potentially more