Fylde Funding 2024-1 PLC is an RMBS transaction originated by Tandem Home Loans Ltd. (a related arm of Tandem Bank Ltd.) that securitizes a portfolio of £276.09 million second-lien mortgage loans secured over properties in the U.K. 4.16% of the loan in the pool are on buy-to-let properties. This is the first RMBS transaction originated by Tandem Home Loans that we have rated.