Cartesian Residential Mortgages Blue S.A.: 23 April 2019
The Issuer will make payments on the Notes from payments of principal and interest received from a portfolio comprising mortgage receivables resulting from mortgage loans originated by one of the Originators (Venn Hypotheken BV & Quion 10 BV) and secured over residential properties located in the Netherlands. The transaction includes assets currently in Cartesian Residential Mortgages, which is in the process of being redeemed.
At the cut-off date, the portfolio will consist of 928 loans (1,751 loan parts), where the average current balance per borrower is Eur236,254. All of the loans have been advanced to owner-occupiers. Redemption Type (by current balance): Annuity 64.57%, Interest-only 63.02%, Investment Mortgage Loans 17.96%, Life Mortgage Loans 16.84%, others 2.18%. Interest payment type: various floating options 51.15%, fixed 48.85%. The WA OLTOFV is 102.95%, the WA CLTOFV is 98.20% and the WA seasoning is 14.44 years. Regional concentration: Noord-Holland 40.27%, South-Holland 16.28%, Utrecht 11.01% and Gelderland 9.80%.
EU Risk Retention: Ember VRM Sàrl, in its capacity as Seller, has undertaken that for as long as the Notes are outstanding, it shall retain on an ongoing basis a material net economic interest in the securitisation transaction which shall in any event not be less than 5% in accordance with Article 6 of the Securitisation Regulation. As at the Closing Date, such material net economic interest is retained by the retention of not less than 5% of the nominal value of each of the Classes of Notes, being the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the Class S Notes.
The Seller does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.
Compare/contrast: Cartesian Residential Mortgages 1 & 3, Delft 2019 BV, Storm 2019-I BV