Valencia Hipotecario 4 FtdA

The fourth securitisation from stand-alone originator Banco do Valencia, with the regional aspect of
the bank highlighted by the fact that 60.60% of the total pool is concentrated in the Valencia region.

The deal takes the same form as the earlier transactions, with the 8,821 loans granted to individuals
being secured by a first-lien residential mortgage guarantee. However, 13% of the portfolio corres-
pond to non resident loans, and 18.66% of the portfolio corresponds to vacation or second homes
properties. These figures are some-what mitigated by the fact that 10.71% of the mortgages are
covered by mortgage insurance (provided by Genworth).

The average loan size is Eur125,481 with a WA current LTV of 68.15%, and current WA seasoning
of 16 months. However, a another note of caution (considering the current state of the Spanish
residential market) is that 18.42% of the loans have a current LTV above 80%.


Compare/contrast: Valencia Hipotecario 3, AyT Genova Hipotecaria XI, TDA CAM 10
Valencia Hipotecario 3 FtdAAyT Genova Hipotecaria XITDA CAM 10