This website is using cookies
This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

EDML 2024-1 B.V.: 08 June 2024

After a 3 year gap, originator Elan Woninghypotheken BV returns to the market. The Issuer will make payments on the Notes in accordance with the relevant Priority of Payments from, among other things, payments of principal and interest received from a portfolio comprising of Mortgage Loans originated by the Seller (or the Elan Servicer acting on its behalf as agent) and secured over residential properties located in the Netherlands. 79.8% of the Mortgage Receivables included in the portfolio were, prior to the Closing Date, owned by EDML 2023 Warehouse BV as part of a warehouse transaction concluded on 24 April 2023.

The portfolio consists of 1,755 owner-occupied loans (in 4,323 loan parts) where the average principal balance is Eur290,742 and the largest is for Eur901,1558. Redemption Type (by current balances): annuity - 58.16%, interest-only - 39.22%, linear - 2.62%. Interest Payment Type: fixed - 99.94%, floating - 0.06%. The WA CLTIMV is 54.11% (the WA CLTOMV was 77.68%) and the WA seasoning is 5.63 years. Regional concentration: Zuid-Holland - 23.35%, Noord-Brabant - 18.49%, Noord-Holland - 15.54% and Gelderland - 13.25%.

EU & UK Risk Retention: The Seller (Elan Woninghypotheken BV) will retain, as originator, on an ongoing basis, in accordance with Article 6(3)(a) of the EU Securitisation Regulation and Article 6(3)(a) of the UK Securitisation Regulation, a material net economic interest of no less than five percent of the nominal value of each of the Classes of Notes, as at the Closing Date, sold or transferred to investors.

US Risk Retention Requirements: The Seller, as the sponsor under the US Risk Retention Rules, does not intend to retain 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 Exchange Act, but rather intends 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: It is intended that a EU STS Notification will be submitted to ESMA and the DNB by the EU Reporting Entity as originator.

Compare/contrast: EDML 2021-1, Saecure 22 BV, Jubilee Place 6 BV