DELFT 2017 B.V.: 25 January 2017
A stand-alone transaction where the issuer will make payments on the notes from payments of any principal and interest received from a portfolio comprising mortgage loans originated by the originator and secured over residential properties located in the Netherlands.
The initial originator of the loans is ELQ Portfueille I BV and the loans were initially securitised in EMF-NL 2008-1. Morgan Stanley Principal Finance Inc is purchasing the collateral, which will lead to the repayment of the EMF tranches at the next payment date.
The provisional pool (as at 31 October 2016) consists of 820 owner-occupied loans (in 874 loan parts), where the average principal balance per borrower is Eur192,348. Redemption Type (by principal balance): interest only 99.12%, others 0.88%. Interest Payment Type: floating 99.60%, fixed 0.40%. Months in Arrears: 1-3 mnths 3.75%, greater than 3mnths 6.91%. The WA CLTOMV is 97.66%, the WA CLTIMV is 106.23% and the WA seasoning is 9.04 years. Geographical Distribution: Zuid-Holland 28.32%, Noord-Holland 20.21%, Noord-Brabant 9.88% and Flevoland.
Significant investor: Morgan Stanley & Co International plc has agreed to purchase at the Closing Date the Notes and Certificates (subject to certain conditions precedent being satisfied) except for the Retained Notes and Retained Certificates, which the Retention Holder has agreed to purchase at the Closing Date.
CRR 405: The Retention Holder, in its capacity as the originator within the meaning of Article 405 CRR, has undertaken that, for as long as the Notes are outstanding and on an ongoing basis, it will at all times retain an interest that qualifies as a material net economic interest in the securitisation transaction in accordance with Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of the Solvency II Regulation by holding no less than 5% of the nominal value of each Class of Notes sold or transferred to investors.
Compare/contrast: EMF-NL 2008-1, Principal Residential Investment Mortgages 1, Strong 2016 B.V.