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Jubilee Place 2021-1: 09 April 2021

This is the second transaction via the Jubilee Place series.

The Issuer will make payments on the Notes and the VRR Loan in accordance with the relevant Priority of Payments from, among other things, payments of principal and interest received from a portfolio comprising the Mortgage Receivables, legal title to which will be sold and assigned by the Seller to the Issuer on the Closing Date. The Mortgage Loans will be secured over residential and mixed-use properties located in the Netherlands and were originated by Dutch Mortgage Services B.V, (52.93%) DNL 1 B.V.(30.11%) and Community Hypotheken B.V. (16.96%). The Portfolio was acquired by the Seller from DMS Vastgoed Finance B.V., Ivy Real Estate Finance B.V. and Community Mortgages 1 B.V.

The provisional portfolio comprises of 972 BTL loans (in 1,024 loan parts) advanced to 1,411 borrowers and secured on 1,503 properties. The average current balance is Eur316,546 and the largest is for Eur1.526mln. Borrower Type (by current balances): person – 81.90%, company – 18.10%. Redemption type: repayment – 80.30%, interest-only – 19.70%. Interest rate type: Fixed – 97.28%, floating – 2.72%. The WA current LTV is 71.71% (original LTV was 71.91%) and the WA seasoning is 2.73 months. Regional concentration: Zuid-Holland – 28.37%, Noord-Holland – 25.95% and Noord-Brabant – 15.87%.

EU Risk Retention: On the Closing Date, Citibank N.A. London Branch (the Retention Holder) will, as an originator, retain a material net economic interest of not less than 5% in the securitisation in accordance with Article 6 of Regulation (EU) 2017/2402. As at the Closing Date, the Risk Retention will comprise the Retention Holder holding the VRR Loan representing not less than 5% of the nominal value of each tranche sold or transferred to investors on the Closing Date.

US Risk Retention: The transaction will be subject to the credit risk retention requirements of Section 15G of the Exchange Act. The Retention Holder intends to satisfy the U.S. Credit Risk Retention Requirements on the Closing Date by acquiring and retaining (directly or through a majority-owned affiliate) a “single vertical security” that is an “eligible vertical interest” in the Issuer, in the form of the VRR Loan.

STS: Neither the Issuer, the Seller, the Arranger nor the Lead Manager has any intention to notify ESMA or otherwise seek designation of the securitisation in connection with which the Notes are issued, as ‘STS’.

Compare/contrast: Jubilee Place 2020-1, Dutch Property Finance 2021-1 B.V, Securitised Residential Mortgage Portfolio II B.V.