EDML 2017-1 B.V.: 08 September 2017
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 (Elan Woninghypotheken B.V) and secured over residential properties located in the Netherlands. Legal title to the Mortgage Receivables resulting from such Mortgage Loans will be assigned by the Seller to the Issuer on the Closing Date. Legal title to any Further Advance Receivables and New Ported Mortgage Receivables may, subject to certain conditions being met, be assigned by the Seller to the Issuer on certain dates thereafter.
The Issuer is a special purpose vehicle, whose objectives are (a) to acquire, purchase, manage, alienate and encumber receivables that arise from or in connection with the granting of mortgage loans by any third party and to exercise any rights connected to such receivables, and (b) to acquire funds to finance the acquisition of receivables mentioned under (a) by way of issuing bonds or other securities or by way of entering into loan agreements, to enter into agreements in connection thereto and to repay such bonds, securities or loan agreements.
The seller, Elan Woninghypotheken B.V, is a private limited liability company whose business primarily involves the origination and provision of residential mortgage loans to individuals located in the Netherlands. The business is operated solely through certain agents appointed by the Seller from time to time. The objects of the Seller are, among other things, (a) to advance mortgage loans to natural persons for the purpose of financing the purchase and/or ownership of residential properties situated in the Netherlands, (b) to hedge interest rates and other financial risks arising out of its business by entering into derivative transactions (including swap agreements), and (c) to perform all activities which are incidental to or which may be conducive to any of the foregoing.
The Seller has entered into a secured Euro revolving credit facility with Goldman Sachs Lending Partners LLC, as Elan Lender, to finance its business activities.
The portfolio consists of 815 owner-occupied loans (in 1,681 loan parts), where the average principal balance is Eur313,725 and the largest is for Eur739,520. Redemption Type (by current balances): annuity 65.26%, interest-only 31.54%, linear 3.20%. Interest Payment Type: fixed 99.89%, floating 0.11%. The WA CLTIMV is 95.30% (the WA CLTOMV was 99.22%) and the WA seasoning is 0.49 years. Regional concentration: Zuid-Holland 23.68%, Noord-Holland 19.45%, Noord-Brabant 15.22% and Gelderland 11.60%.
CRR 405: Goldman Sachs Lending Partners LLC as 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 it will at all times retain a material net economic interest in the securitisation transaction which shall in any event not be less than 5% in accordance with the EU Risk Retention Requirements. As at the Closing Date, such material net economic interest will be held by holding no less than 5% of the nominal value of each of the Classes of Notes sold or transferred to investors.
U.S. Risk Retention Requirements: The Retention Holder has determined that it is a “sponsor” of the securitisation transaction contemplated for purposes of the U.S. Risk Retention Requirements and has elected to retain an “eligible vertical interest” in the securitisation transaction by acquiring not less than 5% of each Class of Notes.
Compare/contrast: Cartesian Residential Mortgages 2 S.A, Storm 2017-II B.V.