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Dutch Property Finance 2017-1: 08 August 2017

The Issuer will make payments on the Notes from payments of principal and interest received from a portfolio solely comprising mortgage loans originated by the Originator and secured over residential, commercial and mixed-use real estate properties located in The Netherlands.

The seller, RNHB B.V, is one of the largest and most experienced buy-to-let lending businesses in The Netherlands, with a particular focus on the small and medium sized real estate lending market. The RNHB Business and Portfolio was acquired by a consortium consisting of funds managed or advised by CarVal Investors LLC and its affiliates and Arrow Global Group plc in December 2016.

At the cut-off date the portfolio consisted of 8,368 loans, where the average loan balance is Eur178,360 and the largest is for Eur12.455mln. Loan purpose (by current balances): Investment finance 78.7%, Own use 19.1%, other 2.2%. Borrower type: individual 71.7%, corporate 28.3%. Risk group type: pure residential 31.8%, CRE <50% 26.1%, residential & mixed 21.5%, CRE ≥50% 20.5%. Repayment type (by current balances): amortising 79.1%, balloon 20.9%. Interest rate type: fixed 99.4%, variable 0.6%. Months in arrears: 1< x <=2 - 1.4%, 2< x <=3 - 0.5%, x >3 - 1.8%. The WA current LTV is 61.9% and the WA seasoning is 7.4 years. Regional distribution: Zuid-Holland 30.5%, Noord-Holland 26.2% and Noord-Brabant 15.3%.

CRR 405: The Seller has undertaken to retain on an ongoing basis a material net economic interest of not less than 5% of the nominal value in the securitised exposures relating to the securitisation transaction in accordance with (i) Article 405 of the CRR, (ii) Article 51 of the AIFMR and (iii) Article 254 of the Solvency II Regulation. As at the Closing Date, such interest will be held by the Seller holding the Class F Notes and the Class G Notes.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather is intended to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: Cartesian Residential Mortgages 2 S.A, DELFT 2017 B.V.