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Vecht Residential 2023-1 B.V.: 30 May 2023

The Issuer will issue tranches of Notes that are fully asset-backed and will fund the purchase of the Mortgage Receivables on the Closing Date. The Issuer will make payments on the Notes from, among other things, payments of principal and interest received from a portfolio comprising of Mortgage Loans originated by the Originator and secured over non-owner occupied residential and mixed-use real estate properties located in the Netherlands.

The originator, Mogelijk Hypotheken B.V, was incorporated in 2016. Mogelijk remains privately held – 90% of the share capital is owned by the three founders of the company.

EU & UK Risk Retention : Morgan Stanley Principal Funding Inc. (the Retention Holder) will retain as "originator" on an ongoing basis a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the EU Securitisation Regulation and in accordance with Article 6 of the UK Securitisation Regulation, but solely as such articles are interpreted and applied on the Closing Date. As at the Closing Date, such material net economic interest will be held by holding no less than 5% of the nominal value of each of the Class A Notes, B Notes, C Notes, D Notes, Z1 Notes and the Z2 Note.

US Risk Retention: . The Retention Holder intends to comply with the requirements of the US Risk Retention Rules by acquiring on the Closing Date and retaining, either directly or through a majority-owned affiliate, the US Risk Retained Interest in the form of an eligible vertical interest equal to not less than 5% of each of the Classes of Notes issued by the Issuer on the Closing Date.

STS: The Notes are not intended to be designated as a EU STS securitisation or a UK STS securitisation for the purposes of the EU Securitisation Regulation or the UK Securitisation Regulation.

Compare/contrast: Domi 2023-1 BV, Jubilee Place 5 BV