Kinbane 2024-RPL 2 DAC: 28 November 2024
A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue on a portfolio comprising mortgage loans originated by First Active plc, Ulster Bank Ireland Limited, Ulster Bank Limited, Ulster Bank Ireland Designated Activity Company, First National Building Society, National Irish Building Limited, Danske Bank A/S and Stepstone Mortgage Funding Limited (each a "Barrow Originating Lender") and Allied Irish Banks plc, AIB Mortgage Bank Unlimited Company, AIB Finance Limited, EBS Designated Activity Company and Haven Mortgages Limited (each a "Bay Originating Lender") and secured over properties located in Ireland, the majority of which are residential properties.
At the cut-off date (31 August 2024) the portfolio consisted of 3,402 loans:
…………………………………….Bay portfolio ………. Barrow portfolio ……. Total (Eur)
% of pool ………………………….. 51.29% ……………… 48.71% …………. 100.00%
No. of loans ……………………… 1,857 ………………… 1,545 …………….. 3,402
No. of borrowers .………………… 3,129 ………………… 2,492 …………….. 5,621
Av loan balance…………………. 120,021 …………… ….136,998……………. 127,731
Largest loan …………………… 2,112,350 …………… 1,515,746 ………… 2,112,350
WA original LTV …………………… 71.38% ………………. 0.33% …………… . 75.64%
WA indexed CLTV ……………….. 42.58% …………………62.64% …………… . 52.34%
WA seasoning (years) ………….. 17.5 …………………….17.6 ……………… 17.5
Fixed rate loans ……………………. 13.43% ……………….. 4.23% …………… .. 8.95%
Interest only loans ………………. 8.48% …………………. 3.34% ……………… 5.97%
BTL ……………………………………6.36% …………………24.84% ……………. 15.36%
MIA >3 ……………………………….. 7.10% …………………31.35% ……………. 18.91%
MIA >12 ………………………………..3.21% ……………… . 21.95% ……………. 12.34%
UK & EU Risk Retention: Morgan Stanley Principal Funding Inc (the "Retention Holder") will undertake that from the Closing Date until the Final Maturity Date or the date on which the Notes (other than the Class X Notes) are redeemed in full, it will retain on an ongoing basis, as an originator, a material net economic interest of not less than 5% in the securitisation.
US Risk Retention: The Retention Holder (Morgan Stanley Principal Funding Inc) has agreed to act as "sponsor" under the US Credit Risk Retention Requirements and to comply with Section 15G of the US Securities Exchange Act of 1934.
STS: The Notes are not intended to be designated as a EU STS securitisation or a UK STS securitisation for the purpose of the EU Securitisation Regulation or the UK Securitisation Regulation.
Compare/contrast: Kinbane 2024-RPL 1 DAC, Jamestown Residential 2024-1