Tulip Mortgage Funding 2020-1 B.V.: 20 November 2020
A stand-alone issue, where the Issuer will make payments on the Notes from payments of principal and interest received from a portfolio comprising Mortgage Loans originated by the Seller and secured over residential properties located in the Netherlands. The Mortgage Loans have been selected according to the Seller’s underwriting criteria and the criteria of Stichting WEW, and all the Mortgage Loans have been originated in accordance with the ordinary course of Tulpenhuis’ origination business.
The Seller, Tulpenhuis 1 BV, is a private limited liability company incorporated under Dutch law, and its significant business activity is the origination of residential mortgage loans.
At the cut-off date the portfolio consisted of 1,251 loan parts, which had been advanced to 596 borrowers. All loans are at fixed rates of interest, with future periodic resets, and all were advanced to owner-occupiers. The average outstanding principal balance excl. construction deposits (at borrower level) is Eur366,838. Redemption type (at loan level): Annuity – 79.46%, Interest-only – 15.28% and linear – 5.25%. The WA OLTOMV is 95.02% and the WA CLTIMV is 89.42%. The WA seasoning is 0.58 years. Geographical distribution: South Holland – 22.32%, North Holland – 19.42%, North Brabant – 16.33% and Utrecht – 15.82%.
EU Risk Retention: Tulpenhuis 1 BV, in its capacity as originator, 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 interest is retained in accordance with item 3(d) of Article 6 of the Securitisation Regulation by the Seller holding all of the Class Z1 Notes and all of the Class Z2 Notes.
STS: The securitisation is intended to qualify as an STS-securitisation within the meaning of Article 18 of the Securitisation Regulation. Consequently, the transaction meets the requirements of Articles 19 to 22 of the Securitisation Regulation and will be notified prior to or on the Closing Date by the Seller, as originator, to be included in the list published by ESMA referred to in Article 27(5) of the Securitisation Regulation.
Compare/contrast: Tulip 2019-1, Domi 2020-2 B.V, Cartesian Residential Mortgages 5 S.A.