1. What are the main features of the underlying assets?
The underlying assets is a pool of 427 fixed (71%) - and floating (29%) -rate loans which are generally secured by diverse commercial real estate property types with an unpaid principal balance of Ffr 1.5 billion.
Loan diversity : principal balances ranges from Ffr 34.000 to Ffr 213 million with an weighted average amount owed of Ffr 3.6 million.
Property Type : The pool is fairly diversified.
44% Offices / 25% Retail / 12% Hotels / 7% Multifamily / 11% Industrial & Warehouse
Geographic Concentration : Most of the assets mainly concentrated in Paris and the suburbs.
Most French portfolios of the same size are believed to have a significant concentration in Paris, the subordination levels are not affected.
Collateral Type is diversified :
+/- 81% of loans by principal balance are secured by a mortgage lien on real property,
9.4% are secured by a pledge of share from a commercial real estate company
4.3% are secured by a third-party guaranty or pledge of business assets
Maturity Dates are diversified :
Ranging from 2 months to 191 months
Real estate quality ranged from A (excellent) through C (Average) to E (Poor) :
0,2 % A / 54,6% B / 34,7% C / 12,6% D
Location : Properties located in France : 32% in Paris : 33% in the Paris Suburbs / 35% in the regions
Offices : usually well located
Retail : The centres are anchored by supermarkets.
Hotels : In Canes and Paris
Multifamily : Within Paris and the suburbs, a mix of eastern and western locations.
2. What can you find about the originator of the commercial mortgages ?
Originator : Banque SOFAL.
SOFAL is a subsidiary of Union Industrielle de Credit (UIC), a real estate...