First securitization for Dutch lender Tulp Hypotheken

Today the Dutch lender Tulp Hypotheken successfully priced their inaugural Dutch Prime RMBS transaction, Tulip Mortgage Funding 2019-1. Tulp Hypotheken has placed this multi-tranche transaction in a partnership with TwentyFour Asset Management (TwentyFour), and JLM’s NatWest Markets (NWM) and HSBC Bank PLC (HSBC). This transaction is structured to be STS, CRR and LCR compliant.

In May 2018, Tulp Hypotheken entered the Dutch mortgage market through a secured funding arrangement with TwentyFour. Recently, in September 2019, Tulp announced their second funding arrangement with TwentyFour and HSBC. In this partnership, Tulp continues to originate typical Non NHG loans with TwentyFour. The London based asset manager TwentyFour is a specialist in fixed income.

Douglas Charleston, partner at TwentyFour: “We are pleased that our funding partnership with Tulp has built an impressive portfolio of prime mortgage loans and has resulted in a successful inaugural securitisation for their team. We look forward to continuing a successful funding partnership and returning to capital markets at a later date.”

From its inception, Tulp has helped more than 2.500 customers with their mortgage.

Pierre de Vos, Director of Tulp: “We are proud to secure further funding for our clients by securitizing this portfolio. Being a first time issuer is always an exiting process. But with NWM and HSBC as JLM’s we were convinced that it would work!” De Vos continues: “In addition, for our new funding we are now also cooperating with HSBC, one of the largest banks in the world.”

The next phase of development for Tulp Hypotheken will be to broaden product offering in the Dutch NHG Mortgage class. These loans provide a governmental guarantee on each individual mortgage, making it a low risk asset class.

For more information:

Tulp Hypotheken

Pierre de Vos pierre@tulphypotheken.nl +31 6 200 900 30
Paul Wessels paul@tulphypotheken.nl +31 6 516 33 616

Tulip Mortgage Funding 2019-1

https://pcsmarket.org/pcs-transaction/332#checklist