Polder is a portfolio of approximately 1,100 seasoned, performing first lien, non-conforming residential mortgages which were originated across the Netherlands.

The portfolio was acquired, at a substantial discount to face value, in an off-market transaction from a major global financial institution who wished to exit their retail operations in the Netherlands as part of its retrenchment from non-core businesses.

The transaction was funded by capital from GI as well as mortgage-backed debt provided by Natixis. Simultaneously upon closing, a special purpose vehicle issued €103.8M of mortgage-backed securities, rated AAA, by Moody’s and arranged by Natixis.

The portfolio will continue to be serviced by the Dutch company, Vesting, who also co-invested alongside GI Partners.