Bastion 2022-1 NHG B.V.: 12 December 2022

The issuer will make payments on the Notes from payments of principal and interest received from a portfolio comprising mortgage loans originated by the Originator and secured over residential properties located in the Netherlands. The Mortgage Loans were originated by HollandWoont BV and are distributed by a network of intermediaries, which mainly comprises of mortgage consultancy service associations and independent financial advisers.

At the cut-off date (31 October 2022) the portfolio consists of 2,508 Dutch residential loans (in 5,146 loan parts) all with an NHG guarantee. The average principal balance per borrower is Eur209,925 and the largest is for Eur364,542. Redemption type (by current balances): annuity – 78.5%, interest-only – 16.7% and linear – 4.8%. Interest rate type: Fixed – 100.00%. The WA CLTOMV is 83.27%, the WA CLTOFV is 97.88% and the WA seasoning is 1.48 years. Regional concentration: Noord Brabant – 18.7%, Zuid Holland – 15.9%, Gelderland – 11.7%, Overjissel – 9.7% and Noord Holland – 10.3%.

EU & UK Risk Retention: MeDirect Bank, as originator within the meaning of Article 6 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 in accordance with Article 6 of the Securitisation Regulation. As at the Closing Date, such material net economic interest is retained in accordance with Article 6(3)(d) of the Securitisation Regulation by the retention of the Subordinated Notes, representing an amount of at least 5% of the nominal value of the securitised exposures.

US Risk Retention: Neither MeDirect Bank nor any other party intends to retain at least 5% of the credit risk of the securitised assets within the meaning of, and for purposes of compliance with, the US Risk Retention Rules, but rather intend to rely on an exemption provided for in section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.

STS: The transaction is intended to qualify as an STS securitisation within the meaning of Article 18 of the Securitisation Regulation. Consequently, on the date of the Prospectus, the transaction described therein meets the requirements of Articles 19 to 22 of the Securitisation Regulation and, at the Closing Date, has been notified by the Seller to be included in the list published by ESMA referred to in Article 27(5) of the Securitisation Regulation.

Compare/contrast: Bastion 2021-1 NHG BV, Prinsen Mortgage Finance No. 1 BV, Dutch Property Finance 2022-2 BV