Atlas Funding 2025-1 PLC is an RMBS transaction that securitizes a portfolio of £317 million buy-to-let (BTL) mortgage loans secured on properties in England and Wales. The loans in the pool were originated in 2024 and 2025 by Lendco Ltd., a nonbank specialist lender. We met with Lendco management in March 2025 for a corporate overview. Lendco is a nonbank specialist lender operating in the U.K. It was founded in 2018 as a joint venture between Cabot Square Capital LLP, a private equity fund specialized in financial services, and SPF Private Clients Management. Lendco targets high net worth BTL customers. It completed its first loan in September 2018. The overall lending policy is owned by Lendco's head of credit and