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Lowland Mortgage Backed Securities 4 BV: 23 February 2017

Some three years after the last Lowland issue the name makes a re-appearance, but in the meantime the initial originators, SNS Bank and RegioBank, have fully merged their operations and are now known as de Volksbank N.V. Once again, the notes are secured over residential properties located in the Netherlands, with legal title to the resulting Mortgage Receivables being assigned by the seller to the issuer on the closing date.

The portfolio comprises of 23,417 owner-occupied mortgages loans (in 45,563 mortgage parts), where the average outstanding principal balance per borrower is Eur175,686. The maximum outstanding principal balance is Eur1.00mln. NHG guarantee: No 63.02%, Yes 36.98%. Mortgage repayment type: interest only 65.79%, annuity 11.50%, bank savings 9.08%, investment based 7.38%, savings 5.11% and linear 1.13%. Interest type: fixed 82.73%, floating 17.17%. The WA CLOFV is 90.10% and the WA CLIFV is 90.10%. The WA seasoning is 8.17 years. Regional concentration (by current balances): Gelderland 16.34%, Noord-Brabant 15.90%, Zuid-Holland 13.30%, Limburg 12.81% and Noord-Holland 12.24%.

CRR 405: de Volksbank, in its capacity as Seller, has undertaken that, for as long as the Notes are outstanding, it will at all times retain a material net economic interest in the securitisation transaction which shall in any event not be less than 5% in accordance with Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of the Solvency II Regulation.

Compare/contrast: Lowland Mortgage Backed Securities 3 BV, Storm 2017-I BV, DELFT 2017 BV