Equinox IR Print - fixed CoD - Barclays Capital

EQUINOX (ECLIPSE 2006-1) plc
LOAN BY LOAN INFORMATION
Loan Details Loan Amortisation Lease Break and Maturity Profile
Loan Name Holland Park Towers Period Scheduled amortisation 100%
Loan ID 6 Jul-06 -
Senior Loan
Oct-06 -
80%
Cut-Off Date Senior Loan balance
21,700,000 Jan-07 -
Current Balance
21,431,000 Apr-07 -
60%
Loan Factor
98.76% Jul-07 -
Interest Rate
5.71127% Oct-07 -
40%
Swap Fixed Rate 4.76600% Jan-08 -
Loan balloon
Margin 0.88802% Apr-08 -
20%
% Lease remaining to maturity
All-in Interest Rate 5.65402% Jul-08 -
% Lease remaining to break
NOI 466,166 Oct-08 -
0%
Current ICR
155.61% Jan-09 -
Current DSCR
119.66% Apr-09 -
Projected ICR 155.10% Jul-09 91,000
Current LTV
69.13% Oct-09 88,000 Projected Loan Balance (Servicer report date to loan maturity)
Whole Loan Jan-10 90,000
Current Balance 25,131,000 Apr-10 99,000
25,000,000
Loan Factor 98.94% Jul-10 96,000
Interest Rate 5.81600% Oct-10 94,000
20,000,000
Swap Fixed Rate 4.76600% Jan-11 95,000
Margin 1.05000% Apr-11 105,000
15,000,000
All-in Interest Rate 5.81600% Jul-11 102,000
Current ICR 126.08% Oct-11 100,000
10,000,000
Current DSCR 101.40% Jan-12 101,000
Cash Trap ICR 125.00% Apr-12 106,000
5,000,000
Default ICR 110.00% Jul-12 108,000
Projected ICR 127.84% Oct-12 106,000
0
Current LTV 81.07% Jan-13 107,000
# of properties 1 Apr-13 117,000
# of units 2 Jul-13 115,000
Remaining loan term 6.00 years Oct-13 113,000 ICR History
Jan-14 115,000
Tenant Concentration Apr-14 124,000
3.0
ID % Rent WA lease expiry to WA lease expiry to Jul-14 122,000
2.5
first break (years) lease maturity (years) Oct-14 120,000
Tenant 1 100.00% 8.37 years 10.38 years Jan-15 120,000
2.0
Tenant 2 - - - Apr-15 131,000
Tenant 3 - - - Jul-15 129,000
1.5
Tenant 4 - - - Oct-15 127,000
1.0
Tenant 5 - - - Jan-16 18,879,000
Subtotal 100.00% 8.37 years 10.38 years
0.5
Rest - - -
0.0
Total 100.00% 8.37 years 10.38 years
Property Concentration
ID Region % Total DSCR History
Property 1 Greater London 100.00%
- - -
3.0
- - -
2.5
Jan-10
Cut off
Apr-10
Jan-10
Oct-06
Apr-10
Jul-10
Jul-10
Apr-07
Oct-10
Oct-10
Jan-11
Oct-07
Jan-11
Apr-11
Apr-11
Apr-08
Jul-11
Jul-11
Oct-08
Oct-11
Oct-11
Apr-09
Jan-12
Jan-12
Apr-12
Apr-12
Oct-09
Jul-12
Jul-12
Apr-10
Oct-12
Oct-12
Jan-13
Oct-10
Jan-13
Apr-13
Apr-13
Apr-11
Jul-13
Jul-13
Oct-13
Oct-11
Oct-13
Jan-14
Apr-12
Jan-14
Apr-14
Apr-14
Jul-14
Oct-12
Jul-14
Oct-14
Apr-13
Jan-15
Oct-14
Oct-13
Apr-15
Jan-15
Jul-15
Apr-14
Apr-15
Oct-15
Jul-15
Oct-14
Jan-16
Oct-15
Apr-16
Apr-15
Jan-16
Jul-16
Oct-15
- - -
- - -
Subtotal - 100.00%
Rest - -
Total - 100.00%
Loan Comment
This loan is secured against an office building located in West London, with one tenant.
2.0
1.5
1.0
0.5
0.0
Cut off
Oct-06
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
There is a fixed interest rate and lease (rent paid in full), with no uplifts in the next year. ICR remains constant, both historic & projected.
There are no irrecoverable costs as this building is fully let on an FRI lease.
Amortisation took place (£90,000) so DSCR is just over 1x, (whole loan) as modelled. Actual ICR of 126% and projected ICR of 127% (whole loan) is above the
cash trap of 125% so surplus funds to be released.
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