Dilosk RMBS No. 7: 07 August 2023

Another stand-alone transaction under the Dilosk name. On this occasion the Issuer will make payments on the Notes from payments of principal and revenue on a portfolio comprising mortgage loans which were originated by Dilosk DAC and are secured over residential properties located in Ireland.

The primary business of Dilosk is the origination and funding of residential mortgage loans in Ireland with a particular focus on Buy-To-Let mortgages.

At the cut-off date (31 March 2023) the portfolio consisted of 1,345 floating rate BTL mortgage loans, where the average current balance is Eur161,298 and the largest is for Eur1.253mln. Repayment type (by current balances): interest only - 55.8%, annuity - 44.2%. Mortgage Loan Purpose: purchase – 51.7%, re-mortgage - 24.8%, Re-mortgage with equity release – 23.5%. Borrower type: individual - 88.7%, commercial - 11.3%. The WA current LTV (non-indexed) is 54.6%, the original LTV was 58.0% and the WA seasoning is 42.1 months. Regional concentration: Dublin - 66.9%, and Cork - 8.8%.


EU & UK Risk Retention: On the Closing Date and until all the Notes have been redeemed in full, Dilosk as originator will retain a material net economic interest of not less than 5% in the securitisation as required by (i) Article 6 of Regulation (EU) 2017/2402 (the "EU Securitisation Regulation") and (ii) Article 6 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the "UK Securitisation Regulation").

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 intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: Dilosk No.6, Shamrock Residential 2023-1 DAC