Essence VIII B.V.: 26 October 2020
The Issuer will make payments on the Notes from payments of principal and interest received from a portfolio comprising buy-to-let and other mortgage loans originated by the Sellers and SRLEV and Goudse Levensverzekeringen N.V., ING Verzekeringen N.V., CMIS Nederland B.V. (formerly known as GMAC RFC Nederland B.V.) and secured over residential, commercial and mixed-use real estate properties located in the Netherlands.
On the First Optional Redemption Date and each Optional Redemption Date thereafter, and in certain other circumstances, the Issuer will have the option to redeem all (but not some only) of the Notes, other than the Class C Notes.
As at the cut-off date the initial portfolio consisted of 2,554 BTL loans (5,115 loan parts), where the average principal balance (borrower) is Eur249,388 and the largest is for Eur9.247mln. Redemption type (by current value): interest-only 71.77%, linear 27.13% and annuity 1.10%. Interest rate type (by current value): fixed 100.00%. Guarantee type: Non-NHG 100.00%. The WA LTMV is 59.42%, the WA LTIMV 52.46% and WA seasoning is 1.94 years. Regional concentration (by outstanding value): Zuid-Holland 36.81%, Noord-Holland 26.46% and Noord-Brabant 9.98%.
EU Risk Retention: NIBC, as Originator within the meaning of Article 6 of the Securitisation Regulation and as designated entity under Article 7(2) of the Securitisation Regulation, has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation transaction. As at the Closing Date, such material net economic interest is retained by the retention of the Subordinated Notes.
STS: Neither the Issuer, the Sellers, the Arranger nor the Lead Manager have any intention to notify ESMA or otherwise seek designation of the securitisation in connection with which the Notes are issued, as 'STS' or 'simple, transparent and standardised' as set out in chapter 4 of the Securitisation Regulation.
Compare/contrast: Essence VII, Domi 2020-1 B.V, Dutch Property Finance 2020-2 B.V.