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Cartesian Residential Mortgages 5 S.A.: 17 September 2020

The Issuer will make payments on the notes from payments of principal and interest received from a portfolio comprising of mortgage receivables resulting from mortgage loans originated by originator Venn Hypotheken B.V. and secured over residential properties located in the Netherlands.

At the cut-off date the portfolio will consist of fixed-rate loans to 804 borrowers (2,190 loan parts), where the average current balance per borrower is Eur364,317. All of the loans have been advanced to owner-occupiers. Redemption Type (by current balance): Annuity 62.37%, Interest-only 34.81% and Linear 2.81%. The WA OLTOMV is 94.77%, the WA CLTOMV is 93.01% and the WA seasoning is 0.81 years. Regional concentration: Noord-Brabant 19.60%, South-Holland 19.37%, Gelderland 16.24%, Noord-Holland 13.00% and Utrecht 9.70%.

EU Risk Retention: Ember VRM S.à r.l., 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. On the Closing Date, such material net economic interest is retained in accordance with item 3(d) of Article 6 of the Securitisation Regulation by the retention of the Class E Notes and the Class S Notes.

US Risk Retention: 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.

STS: The securitisation transaction described in the Prospectus is intended to qualify as an STS securitisation within the meaning of Article 18 of the Securitisation Regulation.

Compare/contrast: Cartesian Residential Mortgages 4, Cartesian Residential Mortgages Blue S.A., Saecure 19 B.V.