Castell 2021-1 PLC: Presale Report

Castell 2021 is a bankruptcy-remote special-purpose vehicle incorporated in the United Kingdom. The notes will be used to fund the purchase of UK second-lien mortgage loans originated by Optimum Credit Limited (Optimum Credit). Pepper UK Limited (Pepper) will be the primary and special servicer of the portfolio. Optimum Credit, established in November 2013, is a specialist provider of second-lien mortgages based in Cardiff, Wales. Both Optimum Credit and Pepper are part of the Pepper Group Limited, a worldwide consumer finance business, third-party loan servicer, and asset manager, which has been operating successfully in Australia since 2001. CSC Capital Markets UK Limited will be appointed as the backup servicer facilitator.