Saecure 16 B.V.: 15 November 2018
As in previous Saecure deals the transaction will be a static cash securitisation of residential mortgage loans extended to obligors located in the Netherlands, where AEGON Levensverzekering NV will be the originator.
At the cut-off date, the receivables portfolio consists of 3,913 first and sequentially lower ranking prime mortgage loans (in 8,817 loan parts) to individuals secured by properties located in the Netherlands, with the average loan balance per borrower being Eur242,146 and the largest loan in the pool being for Eur997,385. On the cut-off date no amounts due and payable under any of the mortgage loans were overdue and unpaid.
Mortgage redemption type (by current balances): interest-only 41.9%, annuity 38.6%, bank savings 7.8% and others 11.7%. Interest rate type (by current balances): fixed 98.3%, floating 1.7%. Payments by the borrowers under the loans are due on or about the first business day of each calendar month, with all payments being collected by the servicer under a direct debit scheme. The WA LTMV is 80.64% and the WA loan to foreclosure value is 90.02%. The WA seasoning is 3.22 years. Regional concentration: Zuid-Holland 21.0%, Brabant 16.2%, Noord Holland 16.0%, Utrecht 12.2% and Gelderland 12.0%.
EU Risk Retention: The Seller has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation transaction described in the Prospectus in accordance with the requirements set out in 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 be held by the Seller and will comprise the entire interest in the first loss tranche of the securitisation transaction.
Compare/contrast: Saecure 15, Lowland Mortgage Backed Securities 6 BV, Storm 2018-II BV