Sol Lion II FTdA: 26 November 2020
The Fund will pool in its assets certain Receivables arising from Mortgage Loans granted by the Seller (ING Bank N.V. Spain branch) to individuals who were resident in Spain as of the date of formalisation of each Mortgage Loan in order to finance transactions involving the acquisition of residential properties in Spain. None of the Mortgage Loans have been granted to real estate developers and all Mortgage Loans are secured with residential properties.
All 137,493 loans have been granted to owner-occupiers, where the WA loan is Eur102,234 and the largest is for Eur1.335mln. Product type (by no. & current % outstanding balance): variable rate – 114,550 / 82.35%, mixed rate – 22,943 / 17.65%. Regional distribution: Madrid – 30.97%, Cataluña – 27.89% and Andalucía – 15.02%.
Note: The Issuer will be entitled to increase the Outstanding Principal Balance of any Class or Series of Notes during the 12 months following the Date of Incorporation by no more than 20% of the initial balance of each Class or Series of Notes, as the case may be, as of the Date of Incorporation, in order to fund the acquisition of Additional Receivables on a Purchase Date.
EU Risk Retention: The Seller (ING BANK Spanish Branch) will retain, on an on-going basis, a material net economic interest of not less than 5% of the securitised exposures in the Securitisation, in accordance with option (a) of Article 6(3) of the EU Securitisation Regulation.
STS: The transaction envisaged under the prospectus is intended to qualify as a STS-securitisation within the meaning of Article 18 of the EU Securitisation Regulation.
Compare/contrast: Sol Lion FTdA, FTdA RMBS Santander 6