The bonds are issued by a special purpose vehicle, RCB Bonds PLC. Its only business is issuing bonds, lending the proceeds to UK charities and ethical companies and related activities, and it has no employees. Its administration is undertaken by Allia Bond Services (a subsidiary of Allia C&C).
The proceeds of each bond issue will be loaned to a single borrower. The borrower’s payments on the loan fund the payments to bondholders.
Each series of bonds has limited recourse to the relevant loan, meaning that investors in each series are relying solely on the relevant borrower for payments of interest and principal. They are not taking risk on any other borrowers that have received loans through the platform.