Tulip Mortgage Funding 2024-1 B.V.: 22 October 2024

After an absence of 4 years, here is another stand-alone Tulip issue where the Issuer will make payments on the Notes from payments of principal and interest received from a portfolio comprising Mortgage Loans originated by the Seller and secured over residential properties located in the Netherlands. The Mortgage Loans have been selected according to the Seller’s underwriting criteria and the criteria of Stichting WEW, and all the Mortgage Loans have been originated in accordance with the ordinary course of Tulpenhuis’ origination business.

At the cut-off date the portfolio consisted of 2,979 loan parts, which had been advanced to 1,407 borrowers. All loans are at fixed rates of interest, with future periodic resets, and all were advanced to owner-occupiers. The average outstanding principal balance excluding construction deposits (at borrower level) is Eur326,566. Redemption type (at loan level): Annuity – 82.18%, Interest-only – 12.57% and linear – 5.25%. The WA OLTOMV is 88.87% and the WA CLTIMV is 61.18%. The WA seasoning is 4.50 years. Geographical distribution: South Holland – 22.89%, North Brabant – 19.01%, North Holland – 17.09% and Utrecht – 15.47%.

EU & UK Risk Retention: Tulpenhuis 1 BV has undertaken that, for as long as the Notes are outstanding, it shall retain, on an ongoing basis, a material net economic interest in the securitisation transaction described in the Prospectus which shall in any event not be less than five (5) per cent, in accordance with Article 6(3)(a) of the EU Securitisation Regulation and in accordance with Article 6(3)(a) of the UK Securitisation Regulation.

US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: The securitisation transaction described in the Prospectus is intended to qualify as a STS Securitisation within the meaning of Article 18 of the EU Securitisation Regulation.

Compare/contrast: Tulip 2020-1, Candide Financing 2024-1 BV, Jubilee Place 6 BV