Harmony French Home Loans FCT 2025-1: 28 September 2025
Another securitisation of a portfolio of Home Loan Receivables from the Seller, Crédit Immobilier de France. The Crédit Immobilier de France was created as a specialised credit financial group to support individuals' access to property through state subsidised loans. CIF Group organised itself throughout the 20th century around non-profit Sociétés Anonymes de Crédit Immobilier (SACIs), which owned 23 affiliated Regional Financial Subsidiaries (RFS) as well as the Caisse Centrale du Crédit Immobilier de France-3CIF and its Mortgage Credit company CIF Euromortgage.
At the cut-off date (31 August 2025) the pool consists of 13,241 owner-occupied loans advanced to 9,694 borrowers, where the average principal outstanding balance per loan is Eur37,384. All loans were advanced on primary residences. Interest rate type: fixed - 57.60% and floating – 42.40%. The WA current LTV is 48.55% (original LTV was 97.12% %) and the WA seasoning is 16.91 years. Regional distribution: Auvergne-RhôneAlpes – 16.28%, Hauts-de-France – 11.93%, Ile de France – 10.48% and Occitanie – 11.99%.
EU Risk Retention: The Seller, as “originator” for the purposes of Article 6(1) of the Securitisation Regulation, has undertaken that, for so long as any Listed Note remains outstanding, it will (i) retain on an ongoing basis a material net economic interest in the securitisation of not less than 5%, and (ii) at all relevant times comply with the requirements of Article 7(l)(e)(iii) of the Securitisation Regulation, by confirming in the investor reports the risk retention of the Seller as contemplated by Article 6(1) of the Securitisation Regulation. As at the Closing Date the Seller intends to retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation through the holding of all Class C Notes as required by paragraph (d) of Article 6(3) of the Securitisation Regulation.
US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the Notes for the purposes of the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.
STS: The transaction is intended to qualify as a STS-securitisation within the meaning of Article 18 of the Securitisation Regulation.
Compare/contrast: Harmony French Home Loans FCT 2021-1, FCT Credit Agricole Habitat 2022-1, BPCE Home Loans FCT 2021 Green UoP