KBRA Assigns Preliminary Ratings to Shamrock Residential 2024-1 DAC
14 Nov 2024 | Dublin
KBRA Europe (KBRA) assigns preliminary ratings to notes issued by Shamrock Residential 2024-1 DAC (Shamrock 2024-1). The transaction is a static RMBS securitisation collateralised by predominantly reperforming mortgage loans (RPL). As of August 2024, the underlying collateral consists of a €306.9 million mixed portfolio of seasoned first lien performing and re-performing mortgages that are secured by majority owner occupied (78.0%) and buy-to-let (14.2%) properties. About 7.0% of the portfolio is secured by commercial properties. The vast majority (99.9%) of the loans are secured by properties located in Ireland.
The Shamrock 2024-1 portfolio is partially comprised of loans from European Residential Loan Securitisation (2019-NPL1, 2019-NPL2, ERLS), Portman Square 2023-NPL1 (Portman 2023-NPL1) and Warrington Residential 2022-1 DAC (Warrington 2022-1) and the remaining from previously warehouse financed portfolios.
The Shamrock 2024-1 portfolio was originated mainly by Permanent TSB (PTSB, 30.9%), Allied Irish Banks Plc (AIB, 24.6%) and EBS DAC (EBS, 17.9%), while the remaining (26.6%) was originated by multiple originators, the largest of which accounts for 11.8% of the portfolio.
The loans comprising Shamrock 2024-1 are currently serviced by Mars Capital Finance Ireland DAC (Mars Capital, 68.2%), BCMGlobal ASI Limited (BCM, 31.8%). Everyday Finance DAC (Everyday) will be the master servicer for 15.4% of the portfolio where BCM are the primary servicer (together with Mars Capital and BCM, the Servicers).
The Servicers have a meaningful number of years of experience servicing performing and re-performing loans and implementing restructuring solutions to loans deep in arrears, secured by owner-occupied properties, as per the Code of Conduct on Mortgages in Arrears (CCMA) and the Mortgage Arrears Resolution Process (MARP).
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