Dutch Property Finance 2023-1 B.V.: 11 February 2023

The eleventh transaction in the series (twelfth if you are also counting the Dutch Property Finance 2022-CMBS1 BV deal) where once again the Issuer will make payments on the Notes from payments of principal and interest received from a portfolio solely comprising mortgage loans originated by the Originator and secured over residential, commercial and mixed-use real estate properties located in The Netherlands.

At the cut-off date (31 October 2022) the portfolio consisted of 2,581 loans (advanced to 1,854 mortgage loan groups) where the average loan balance is Eur288,566 and the largest is for Eur10.5mln. Loan purpose (by current balances): Investment finance - 94.5%, own use – 4.2%, other - 1.2%. Borrower type: individual - 76.8%, corporate - 23.2%. Repayment type (by current balances): amortising - 68.5%, balloon - 31.5%. Interest rate type: Fixed – 97.9%, floating – 2.1%. The WA current LTV is 60.5% and the WA seasoning is 3.4 years. Regional distribution: Zuid-Holland - 31.7%, Noord-Holland - 23.4% and Noord-Brabant - 10.0%.

EU & UK Risk Retention: The Retention Holder has undertaken to retain on an ongoing basis a material net economic interest of not less than 5% of the nominal value in the securitised exposures relating to the securitisation transaction as required by Article 6 of Regulation (EU) 2017/2402 (the Securitisation Regulation) and Article 6 of the UK Securitisation Regulation, for as long as the Notes are outstanding. As at the Closing Date, such material net economic interest will be held by the Retention Holder in accordance with the Retention Regulations by holding the Class E Notes and the Class F Notes.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather is intended to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

Compare/contrast: Dutch Property Finance 2022-2, Bastion 2022-1 NHG BV, Jubilee Place 5 BV