Valconca SPV (2018-1) : 03 July 2018

The principal source of payment of interest and variable return, and of repayment of principal on the notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of residential mortgage loan agreements entered into by the Originator (Banca Popolare Valconca S.C.p.A) and certain Debtors.

BP Valconca was established in 1957 as a co-operative bank following the merger of Banca Cooperativa Morcianese and Banca Cooperativa Mondainese. The Bank offers both to corporation and individuals a various range of banking and financial products and services in Emilia-Romagna through its 25 agencies. BP Valconca mainly operates in retail banking: in particular banking, financial and credit services for individuals, families and small enterprises.

Eligibility criteria (includes): have been granted exclusively by Banca Popolare Valconca S.C.p.A. as lender; have been disbursed between 1 January 2002 (included) and 31 May 2018 (included) and in respect of which there is no obligation or possibility to effect further disbursements; are governed by Italian law; are secured by a mortgage of “economic” first ranking priority (ipoteca di primo grado economico) constituted over a real estate asset(s) situated in the territory of the Italian Republic; instalments are denominated and paid in Euro and the relevant mortgage loan does not contain provisions allowing conversion into a currency other than Euro; at least one instalment is past due and has been paid.

The portfolio consists of 1,189 loans. Type of Loan (by current balances): purchase – 47.71%, unknown – 35.35%, construction – 15.76%, other – 1.19%. Interest Rate Type: floating – 98.71%, fixed – 1.21%, mixed – 0.08%. The WA current LTV is 54.48% (original LTV was 70.49%) and the WA seasoning is 5.79 years. Regional concentration: Emilia Romagna – 74.76% and Marche – 23.72%.

EU Risk Retention: The risk retention and due diligence requirements described apply in respect of the Notes.

Compare/contrast: 2018 Popolare Bari Mortgages S.r.l.