ALBA 2007 – 1 plc - Irish Stock Exchange

Lending will be based on the after-works value, provided the LTV does not exceed 100 per cent. based
on the current valuation, no matter what the nature of the works required or the actual cost. The 'afterworks'
value can be no more than 10 per cent. higher than the 'present-condition' valuation.
Exceptions/Changes to the GMAC-RFC Lending Criteria
GMAC-RFC took reasonable steps at the time of origination of the Mortgage Loans to ensure that the
GMAC-RFC Lending Criteria were satisfied (and that any discretions were exercised in accordance
with GMAC-RFC's policies).
Lending Criteria of Oakwood
The following is a summary of the Oakwood Lending Criteria that will be applied (subject to the
Special Servicer taking reasonable steps to ensure it is the case (and that any discretions to deviate are
made in accordance with the standard of a prudent residential mortgage lender)) in respect of Further
Advances, Converted Mortgage Loans and Ported Mortgage Loans in the Mortgage Pool.
Security
(a)
(b)
(c)
(d)
Each Mortgage Loan must be secured by a first legal mortgage over a Property in England or
Wales, the primary use of which is residential.
A mortgage valuation is required in respect of any Property offered to the Seller as security for
a mortgage advance. The inspection must be carried out by a Valuer on Oakwood's approved
panel of Valuers. The Valuer must be professionally qualified, and a member of either the
Royal Institute of Chartered Surveyors (ARICS/FRICS) or the Society of Valuers and
Auctioneers (ASVA/FSVA). The Valuer must operate within a 25-mile radius of the property.
Exceptionally, this requirement may be waived where the Property is in a remote rural area,
e.g. northern Scotland.
Properties under 10 years old will have the benefit of a NHBC, Zurich, Premier guarantee or an
architect's certificate or equivalent guarantee from an acceptable body.
The following property types are considered unacceptable security:
• Freehold flats and maisonettes (in England & Wales only)
• Residential flats above commercial premises, with an LTV of more than 85 per cent.
• Investment flats above commercial premises, regardless of LTV
• Studio flats
• Properties with unexpired lease term of less than 30 years at end of the mortgage term
• Shared ownership properties
• Tenanted properties (Residential only)
• Investment properties (Residential only)
• Commercial properties
• Properties subject to agricultural restrictions