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Cartesian Residential Mortgages 2 S.A: 15 July 2017

The Issuer will make payments on the notes from payments of principal and interest received from a portfolio comprising of mortgage receivables resulting from mortgage loans originated by one of the Originators (Venn Hypotheken B.V & Quion 10 B.V) and secured over residential properties located in the Netherlands. Legal title to the Mortgage Receivables has been or, in the case of New Mortgage Receivables, will be sold and assigned by the relevant Originators to the Seller between 17 March 2015 and the last day of the Prefunded Period.

Ember VRM S.à r.l., a private limited liability company, and the entire issued share capital of the Seller is held by VSK Holdings Limited. The share capital of VSK Holdings Limited is held by Siem Industries Inc. as well as funds and accounts managed by KKR Asset Management LLC. VSK Holdings Limited has been established by its shareholders to invest in a broad range of investments arising out of the restructuring of financial institutions and primary lending markets, and is advised by Venn Partners LLP.

At the cut-off date, the portfolio will consist of 845 fixed-rateloans (1,769 loan parts), where the average current balance per borrower is Eur324,985. All of the loans have been advanced to owner-occupiers. Redemption Type (by current balance): Annuity 62.31%, Interest-only 31.96%, Linear 5.66% and Life 0.07%. The WA OLTOMV is 97.09%, the WA CLTOMV is 96.01% and the WA seasoning is 0.52 years. Regional concentration: Noord-Brabant 17.85%, Noord-Holland 17.78%, Zuid-Holland 15.60%, Gelderland 14.49% and Utrecht 12.97%.

CRR/405: Ember VRM S.à r.l., in its capacity as Seller, has undertaken that, for as long as the Notes are outstanding, it shall retain, on an ongoing basis, 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 and Article 51 of the AIFMR. On the Closing Date, such interest is retained by the Seller holding all of the Class E Notes and all of the Class S Notes.

The Seller does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

The Issuer is not and, solely after giving effect to any offering and sale of the Notes and the application of the proceeds thereof, will not be a “covered fund” for purposes of regulations adopted under Section 13 of the Bank Holding Company Act of 1956.

Compare/contrast: Cartesian Residential Mortgages 1 S.A