Sage AR Funding 2025 No.1 PLC

Sage AR Funding 2025 No.1 PLC is the securitisation of a floating-rate loan (the loan) that will be advanced by the Issuer to a single borrower, Sage Borrower AR4 Limited. The loan will then be on-lent by the borrower to its parent Sage Rented Limited (SRL), a for-profit registered provider of social housing, and will be used to (1) refinance Sage AR Funding No.1 PLC, a previous securitisation that was also rated by Morningstar DBRS, and (2) refinance the additional properties. The loan is backed by 2,123 social housing units composed of mostly houses and flats across England. The loan has an initial five-year term with two one-year extension options.