KBRA UK (KBRA) assigns preliminary ratings to six classes of notes issued by Bletchley Park Funding 2025-1 PLC, a static UK RMBS securitisation backed by a portfolio of first-ranking buy-to-let (BTL) mortgage loans secured on residential properties in England, Wales, and Northern Ireland. The aggregate balance of the provisional portfolio is £274.7 million as of 30 April 2025 (cut-off date). The loans were originated by Quantum Mortgages Limited (QML), a specialist BTL lender established in October 2021 with a loan book of approximately £489 million as of April 2025. This is QML's second public securitisation and the first to be rated by KBRA.
BCMGlobal Mortgage Services Limited (BCM) will be the servicer of the portfolio and has over 25 years' of experience of servicing assets across Europe.
QML is a relatively new lender in the UK specialist lending sector and targets professional landlords and specialist property types through several products that include single residential units, HMOs, multi-unit blocks, holiday lets, and semi-commercial assets.
The transaction features a sequential amortisation structure, a Liquidity Reserve Fund (LRF), interest rate hedging via a fixed-floating swap, and principal deficiency ledgers for each rated class, typical to UK RMBS issuances.
To access ratings and relevant documents, click here.
Click here to view the report.
Related Publication
- UK RMBS: Growth of Specialist Lenders to Continue?
Methodologies
- RMBS: European RMBS Rating Methodology
- RMBS: European RMBS Rating Methodology Country Addendum: United Kingdom
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology
Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating's endorsement status is available on its rating page at KBRA.com.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA's Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.
About KBRA UK
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.
Doc ID: 1009491
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Contacts:
Analytical Contacts
Hrishikesh Oturkar, Director (Lead Analyst)
+44 20 8148 1070
hrishikesh.oturkar@kbra.com
Kali Sirugudi, Managing Director
+44 20 8148 1050
kali.sirugudi@kbra.com
Karl Cummins, Senior Director
+353 1 588 1240
karl.cummins@kbra.com
Jack Kahan, Senior Managing Director, Global Head of ABS RMBS (Rating Committee Chair)
+1 646-731-2486
jack.kahan@kbra.com
Business Development Contacts
Miten Amin, Managing Director
+44 20 8148 1002
miten.amin@kbra.com
Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
mauricio.noe@kbra.com
