IM BCC Cajamar 2: 21 December 2019

The transaction is a securitisation of first-lien and second-lien residential mortgage loans which have been originated by Cajamar Caja Rural (Cajamar). All of the mortgages are secured over properties located in Spain.

As at the cut-off date (21 November 2019), the portfolio consisted of 7,875 loans extended to 7,403 borrowers, where the average current balance per loan is Eur93,779 and the largest is for Eur704,381. Loan purpose (by current balances): residential acquisition – 88.46%, construction – 7.71%, refurbishment – 3.82%. Amortisation type (by current balances): constant – 99.65%, increasing – 0.29%, linear – 0.06%. Interest rate type: floating – 48.37%, mixed – 44.24%, fixed – 7.39%. The WA current LTV is 71.67% and the WA seasoning is 46 months. Regional concentration: Andalucia – 35.00%, Cdad Vanenciana – 24.19%, Murcia – 15.69% and Madrid – 5.73%.

EU Risk Retention: Cajamar will comply with the retention requirements by holding constantly and during the life of the transaction the subordinated loan for initial expenses, the subordinated loan for the Reserve Fund, and the Class B notes in an aggregated amount no less than 5% of the nominal value of the securitised exposures.

Compare/contrast: IM BCC Cajamar 1, BBVA RMBS 19 FTA