Lowland Mortgage Backed Securities 6 BV: 21 October 2018
The second transaction of the year from originator de Volksbank N.V via the Lowlands name, 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 cut-off date (30 September 2018) the portfolio comprises 12,097 owner-occupied mortgages loans (in 24,774 mortgage parts) where the average outstanding principal balance per loan is Eur249,594 and the maximum outstanding principal balance is Eur1mln. All the mortgage loans have a NHG guarantee. Mortgage redemption type (by loan parts): annuity 58.29%, interest only 30.27%, linear 4.32%, investment based 3.18% and others 3.94%. Interest type (by loan parts): fixed 98.004%, floating 1.996%. The WA CLOFV is 104.00% and the WA CLIFV is 95.00%. The WA seasoning is 4.0 years. Regional concentration (by current loan balances): Zuid-Holland 16.55%, Gelderland 15.79%, Noord-Brabant 15.32%, Noord-Holland 13.29% and Limburg 10.57%.
EU Risk Retention: de Volksbank in its capacity as 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.
Compare/contrast: Lowland Mortgage Backed Securities 5, Green Apple 2018-1 NHG, Storm 2018-II B.V