Storm 2018-I B.V: 28 January 2018
The originator is Obvion, which was formerly known as ABP Hypotheken NV and is an established originator and servicer of Dutch residential mortgages. Since 2 April 2002 Obvion's shares are held by Rabobank (70.0%) and ABP (30.0%).
The portfolio mortgage loans (or in case of loans consisting of more than one loan part, the aggregate of such loan parts) are secured by a first-ranking or, as the case may be, a first and sequentially lower ranking mortgage right, evidenced by notarial mortgage deeds entered into by the seller and the borrowers and, to the extent it relates to the NHG mortgage loan parts only, have the benefit of an NHG Guarantee. The mortgage rights secure the relevant portfolio mortgage loan and are vested over property situated in the Netherlands. The portfolio mortgage loans and the mortgage rights securing the liabilities arising therefrom are governed by Dutch law.
At the cut-off date the portfolio consists of 12,056 mortgages (in 25,985 mortgage parts). The average loan balance (per borrower) is Eur193,695. Redemption type (by net outstandings) interest-only 56.11%, annuity 23.43%, bank savings 7.04%, savings 5.47% and life 3.96%. Interest rate type: fixed 90.79%, floating 9.21%. The weighted average CLTOMV is 80.29% and the weighted average CLTIFV is 87.01%. WA seasoning is 7.33years. Regional distribution (by net outstandings): Noord-Brabant 19.55%, Zuid-Holland 15.40% Noord-Holland 15.12% and Gelderland 11.81%.
CRR 405 Retention undertaking: The seller has undertaken that, for as long as the notes are outstanding, it will at all times retain a material net economic interest of not less than 5% in the securitisation transaction described in the prospectus in accordance with each of Article 405 of the CRR and Article 51 of the AIFMR. As at the Closing Date such interest will be comprised of an interest in the first loss tranche, in this case the Class E Notes and, if necessary, other tranches having the same or a more severe risk profile than those sold to investors.
Volcker Rule: The Issuer is structured so as not to constitute a "covered fund" for purposes of the regulations adopted to implement Section 619 of the Dodd-Frank Act.
Compare/contrast: Storm 2017-II, Green Apple 2017-1 NHG, Dutch Property Finance 2017-1