KBRA Assigns Ratings to Jamestown Residential 2024-1 DAC
24 Jul 2024 | Dublin
KBRA Europe (KBRA) assigns ratings to seven classes of notes issued by Jamestown Residential 2024-1 DAC (Jamestown 2024-1). The transaction is a static RMBS securitisation collateralised by seasoned performing and reperforming mortgage loans. The portfolio, aggregates to 702.1 million and is comprised of seasoned first lien performing and re-performing mortgages that are secured by majority owner occupied (91.4%) and buy-to-let (8.6%) properties located in Ireland.
Jamestown 2024-1 is essentially a refinancing of the notes currently outstanding under Jamestown Residential 2021-1 (Jamestown 2021-1) and Mulcair Securities No. 2 DAC (Mulcair 2) and comprises of the loans which previously collateralised the transactions to be refinanced. The Jamestown 2024-1 portfolio is thus comprised of a refinancing of the Jamestown 2021-1 portfolio (64.5%) and the Mulcair 2 portfolio (35.5%). The Jamestown 2021-1 mortgage loans were originated by Bank of Scotland (Ireland) Limited , Start Mortgages DAC and Nua Homeloans Limited. The Mulcair 2 mortgage loans were originated by The Governor and Company of the Bank of Ireland, Bank of Ireland Mortgage Bank Unlimited Company and ICS Building Society.
The loans comprising Jamestown 2024-1 are currently serviced by Pepper Finance Corporation (Ireland) DAC and The Governor and Company of the Bank of Ireland.
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