DUBLIN – (COMMERCIAL THREAD) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to seven ticket categories issued by Jamestown Residential 2021 – 1 DAC (Jamestown Residential). The transaction is a static RMBS securitization backed by predominantly reproductive mortgages (RPLs). The underlying guarantee consists of a mixed portfolio of â¬ 554.6 million of seasoned first mortgage loans guaranteed by majority occupied (OO) and rental (BTL) owners located in Ireland. The portfolio includes mortgages issued by three Irish originators Bank of Scotland (Ireland) Limited (67.1%, BoSI), Start Mortgages DAC (29.3%, Start) and Nua Mortgages Limited (3.7%, Nua) . Jamestown Residential includes loans that secured Jepson Residential 2019-1 DAC (Jepson 2019-1) who is the seller in the transaction. Jamestown Residential is essentially a refinancing of the notes currently in circulation as part of the Jepson 2019-1 transaction. The loans comprising Jamestown’s residential portfolio will initially be managed by Start and after the end of an interim period the entire portfolio will be taken over by Pepper Finance Corporation (Ireland) DAC. Lone Star Funds acquired the mortgages issued by Start and Nua in December 2014. The mortgages issued by BoSI were acquired in February 2015.
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