Twin Bridges 2023-2 PLC (TB 2023-2) is a static RMBS transaction that securitizes a portfolio of buy-to-let (BTL) mortgage loans secured on properties in the U.K. The loans in the pool were originated between 2015 and 2023, with most originated in 2019, by Paratus AMC Ltd., a nonbank specialist lender. The majority were originated under the Foundation Home Loans (FHL) brand, with a small proportion under the Keystone Property Finance and Landbay Partners Ltd. brands. The collateral comprises first-lien U.K. BTL residential mortgage loans made to both commercial and individual borrowers. The transaction documentation permits product switches until the step-up date, subject to certain conditions. Product switches are permitted up to a limit of 15.0% of the current balance of