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Dutch Property Finance 2019-1: 01 May 2019

The third transaction in the series, where once again the Issuer will make payments on the Notes from payments of principal and interest received from a portfolio solely comprising mortgage loans originated by the Originator and secured over residential, commercial and mixed-use real estate properties located in The Netherlands.

The seller, RNHB BV, is one of the largest and most experienced buy-to-let lending businesses in The Netherlands, with a particular focus on the small and medium sized real estate lending market. The RNHB Business and Portfolio was acquired by a consortium consisting of funds managed or advised by CarVal Investors LLC and its affiliates, and Arrow Global Group plc in December 2016.

At the cut-off date the portfolio consisted of 1,791 loans (advanced to 1,084 mortgage loan groups), where the average loan balance is Eur222,540 and the largest is for Eur10.345mln. Loan purpose (by current balances): Investment finance 84.7%, Own use 7.4%, other 7.9%. Borrower type: individual 63.6%, corporate 36.4%. Repayment type (by current balances): amortising 79.8%, balloon 20.2%. Interest rate type: fixed 95.1%, variable 6.9%. Months in arrears: 1< x <=2 - 1.32%, 2< x <=3 - 0.69%, x >3 - 0.80%. The WA current LTV is 66.4% and the WA seasoning is 4.7 years. Regional distribution: Zuid-Holland 39.5%, Noord-Holland 21.7% and Noord-Brabant 10.0%.

EU Risk Retention: The Retention Holder has undertaken to retain on an ongoing basis a material net economic interest of not less than 5% of the nominal value in the securitised exposures relating to the securitisation transaction as required by Article 6 of Regulation (EU) 2017/2402 (the Securitisation Regulation). As at the Closing Date, such material net economic interest will be held by the Retention Holder in accordance with the Retention Regulations by holding the Class F Notes and the Class G Notes.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather is intended to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: Dutch Property Finance 2018-1, European Loan Conduit No. 32 (Oranje)