Lowland Mortgage Backed Securities 5 BV: 25 May 2018
Another Lowland issue from originator de Volksbank N.V, where 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.
At the closing date the portfolio comprises 27,363 owner-occupied mortgages loans (in 52,222 mortgage parts), where the average outstanding principal balance per borrower is Eur183,700. The maximum outstanding principal balance is Eur989,436. NHG guarantee: No 62.21%, Yes 37.79%. Mortgage repayment type: interest only 47.80%, annuity 35.83%, investment based 6.61%, bank savings 3.74%, savings 3.09% and linear 2.93%. Interest type: fixed 95.48%, floating 4.52%. The WA CLOFV is 96.62% and the WA CLIFV is 94.26%. The WA seasoning is 6.67 years. Regional concentration (by current balances): Noord-Brabant 17.01%, Gelderland 14.88%, Zuid-Holland 13.73%, Limburg 12.88% and Noord-Holland 12.79%.
Significant investor: de Volksbank has the intention to retain all notes on the Closing Date.
CRR 405: The Seller has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation transaction in accordance with Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of the Solvency II Regulation. As at the Closing Date, such material net economic interest will comprise of all the notes.
Compare/contrast: Lowland Mortgage Backed Securities 4, FORDless STORM 2018 B.V.