A well-seasoned collection of £470.3 million in prime "buy-to-let" residential mortgages is being securitized by the UK's third-largest building society.

Offa No.1 PLC is the third pool of buy-to-let loans originated by Godiva Mortgages, a subsidiary of the Coventry Building Society, and the first in nearly four years securitized by the savings and mortgage mutual institution. The sizing of the tranches has yet to be determined, according to a presale report from Moody’s Investors Service, but 92.5% of them will be slated for a triple-A rated, floating-rate Class A tranche and the remainder to unrated Class Z variable funding notes.

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