Strandhill RMBS DAC: 19 May 2020
A stand-alone transaction, where the issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising private residential, buy-to-let, agricultural, commercial real estate, SME and other mortgage loans secured over properties located in Ireland and Northern Ireland, the equitable title in which will be purchased by the Issuer on the Closing Date.
The Mortgage Portfolio is comprised of mortgage loans originated by ACC Loan Management Limited, as ACC Bank plc at the time, or an affiliate. All of the Mortgage Loans in the mortgage portfolio were originated from 1993 onwards and were owned and serviced by the relevant Originator for a number of years before being sold to the Vendor in 2018 (following which the Mortgage Loans were serviced by Link Asset Management Services) prior to being acquired by the Seller and being subject to this securitisation transaction. Accordingly, the Originator did not originate the Mortgage Portfolio as part of an "originate-to-distribute" process.
As at the Cut-Off Date, there were 4,312 Mortgage Loans in the Mortgage Portfolio. The maximum current mortgage loan balance was €2,739,553 and the average current mortgage loan balance was €85,534. Repayment terms (by current balances): fully amortising – 93.2%, partly amortising – 3.8% and interest only – 3.0%. Interest rate type: Variable – 99.8%, fixed – 0.2%. Regional concentration: Co Cork - 19.2%, Co Dublin – 12.2% and Co Galway – 8.2%.
Mortgage Portfolio:
Type ……………………………. No. ……………………………% of Current Balance
Residential ……………………..2,010 …… ……………………………..45.5%
Land ……………………………1,275 ……………………………………32.6%
Industrial …………………… ….137 ……………………………....…….. 6.2%
Missing Data ………………… ..651 ……………………………..……… 3.6%
Retail ………………………… ..86 …………………………………....…. 3.6%
Other ……………………………61 ……………………………...........… 2.6%
Leisure ………………………… 55 …………………………………....... 2.4%
Office ……………………… ……31 ……………………………….......... 2.3%
Medical …………………………. 6 …………………………………….... 1.2%
Significant Investor: It is expected that on the Closing Date, an investor will acquire 95% of the Notes.
EU Risk Retention: The Retention Holder as originator will retain a material net economic interest of not less than 5% in the securitisation in accordance with the text of Article 6(3)(a) of the EU Securitisation Regulation. As at the Closing Date, such interest will be comprised of an interest in each Class of 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 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: Banna RMBS 2019-1, European Residential Loan Securitisation 2019-PL1