Lowland Mortgage Backed Securities 7 BV: 17 April 2023
After an absence of almost 5 years, a new transaction from Originator de Volksbank NV via the Lowlands name, where once again the Notes are secured over residential properties located in the Netherlands with legal title to the resulting Mortgage Receivables being assigned by the Seller to the Issuer on the closing date.
At the cut-off date (31 January 2023) the portfolio comprises 31,543 owner-occupied mortgages loans (in 79,290 mortgage parts) where the average outstanding principal balance per borrower is Eur253,622 and the maximum outstanding principal balance is Eur991,071. NHG guarantee: No – 76.94%, Yes – 23.06%. Mortgage redemption type (by loan parts): French - 53.49%, interest only - 41.38%, other - 5.13%. Interest type (by loan parts): fixed - 98.87%, floating - 1.13%. The WA CLTOMV is 72.98% and the WA CLTIMV is 56.17%. The WA seasoning is 4.60 years. Regional concentration (by current loan balances): Noord-Holland - 17.10%, Gelderland - 16.37%, Zuid-Holland - 15.39% and Noord-Brabant - 15.17%.
EU Risk Retention: de Volksbank in its capacity as Seller has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation transaction.
STS: The securitisation transaction is not intended to qualify as an STS securitisation within the meaning of Article 18 of the Securitisation Regulation.
Compare/contrast: Lowland Mortgage Backed Securities 6, Green Storm 2023 BV