Click a pin for the lease record. Together the pool represents an appraised value of €10,380,962, an outstanding of €8,723,346 and €77,789 in monthly lease instalments.
Both the lease pool and the Belfius facility amortise every month, so loan-to-value falls steadily while the collateral stays in place. The intention is to refinance the pool in year 5–7, when the Belfius position has deleveraged far below today’s 70% — ample room to repay the PMV subordinated loan from a refinancing at a still-conservative LTV. And if refinancing were not to happen, the pool’s own capital build-up over those seven years covers the PMV bullet on its own, as shown in section 4.3.
Suppose the intended year 5–7 refinancing of section 4.2 does not materialise. The waterfall below shows the answer: the lease instalments service the Belfius annuity first, and the remaining net cash flow builds up enough capital to repay the PMV subordinated loan (€1,325,000, obtained) as a bullet in year 7 — without any refinancing. Adjust the term and rate; everything recalculates live. Residual-value purchase options at lease maturity are not counted — an additional buffer.
On top of the pool’s own capital build-up, the repayment of the PMV subordinated loan is guaranteed by Manamax BV (BE 0732.811.442). Should both the refinancing and the build-up fall short, the guarantee covers the PMV bullet — a third, independent layer of security beneath the structure.