EDML 2018-2 B.V.: 16 December 2018
The Issuer will make payments on the Notes in accordance with the relevant Priority of Payments from, among other things, payments of principal and interest received from a portfolio comprising of Mortgage Loans originated by the Seller (Elan Woninghypotheken B.V) and secured over residential properties located in the Netherlands. Legal title to the Mortgage Receivables resulting from such Mortgage Loans will be assigned by the Seller to the Issuer on the Closing Date. Legal title to any Further Advance Receivables and New Ported Mortgage Receivables may, subject to certain conditions being met, be assigned by the Seller to the Issuer on certain dates thereafter.
The Issuer is a special purpose vehicle whose objectives are (a) to acquire, purchase, manage, alienate and encumber receivables that arise from or in connection with the granting of mortgage loans by any third party and to exercise any rights connected to such receivables and (b) to acquire funds to finance the acquisition of receivables mentioned under (a) by way of issuing bonds or other securities or by way of entering into loan agreements, to enter into agreements in connection thereto and to repay such bonds, securities or loan agreements.
The Seller has entered into a secured Euro revolving credit facility with Goldman Sachs Lending Partners LLC, as Elan Lender, to finance its business activities. The maximum facility limit of the Elan Credit Facility as at the Closing Date is EUR750 million and may be increased or decreased from time to time in accordance with the terms of the Elan Credit Facility.
The portfolio consists of 893 owner-occupied loans (in 1,823 loan parts), where the average principal balance is Eur282,290 and the largest is for Eur923,727. Redemption Type (by current balances): annuity 58.64%, interest-only 38.03%, linear 3.34%. Interest Payment Type: fixed 99.84%, floating 0.16%. The WA CLTIMV is 85.96% (the WA CLTOMV was 89.31%) and the WA seasoning is 0.39 years. Regional concentration: Noord-Brabant 19.54%, Noord-Holland 19.46%, Zuid-Holland 17.06% and Gelderland 13.08%.
EU Risk Retention: SSG Liquid Invest S.à r.l. (a related entity of the Elan Lender) as the Retention Holder, in its capacity as the “originator” within the meaning of Article 405 CRR, has undertaken that for as long as the Notes are outstanding, it will at all times retain a material net economic interest in the securitisation transaction which shall in any event not be less than 5% in accordance with the EU Risk Retention Requirements. As at the Closing Date, such material net economic interest will be the holding of no less than 5% of the nominal value of each of the Classes of Notes sold or transferred to investors.
U.S. Risk Retention Requirements: The Retention Holder has determined that it is a “sponsor” of the securitisation transaction for purposes of the U.S. Risk Retention Requirements and has elected to retain an “eligible vertical interest” in the securitisation transaction by acquiring not less than 5% of each Class of Notes.
Compare/contrast: EDML 2018-1, Dutch MBS XIX B.V, Dutch Property Finance 2018-1