KBRA UK (KBRA) assigns preliminary ratings to six classes of notes issued by Cheshire 2021-1 PLC (Cheshire Refinance), a static RMBS securitisation backed by a non-conforming portfolio of performing and reperforming mortgage loans. Cheshire Refinance will be a refinancing of the original Cheshire 2021-1 PLC transaction, which closed in September 2021 (50.7% of the portfolio) and Warwick Finance Residential Mortgages 4 PLC, which closed in 23 August 2019 (49.3% of the portfolio). The loans in Cheshire Refinance are secured by owner occupied (86.2%) and buy-to-let (13.8%) properties located in the United Kingdom.

The loans were originated by 14 different originators including GMAC-RFC Limited (34.0%), Platform Funding Limited (31.3%), Future Mortgages Ltd. (7.4%) and Mortgages Plc (6.9%), o

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