The deal will issue two series of notes, which benefit from a reserve account with approximately $1.4 million, representing about 2.0% of the initial bond balance.
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Equify ABS 2023-1 is expected to close on October 11 and will issue three classes of notes secured by revenue from mid- to large-ticket equipment contracts and related assets.
September 27
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Credit unions and banks are lending more to merchants based in the Western U.S., reflecting trends reported in the Umpqua Bank 2023 Business Barometer and running against broader economic pessimism.
September 27
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The Department of Justice reached a $9 million settlement Wednesday with Westerly, R.I.-based Washington Trust over race-based lending discrimination and redlining in the state, saying the bank denied lending services to Black and Hispanic neighborhoods from 2016 to 2021.
September 27
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The deal is the eleventh this year for Pagaya AI Debt Selection Trust, and is slated to close by September 29.
September 27
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Classes A, B, C and D have hard credit enhancement levels of 5.30%, 3.80%, 2.30% and 0.85%, respectively, higher than that of the CHAOT 2022-A.
September 26
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The sponsor's assets favor software companies, and the deal brings its total CLO assets under management to $2.2 billion.
September 26
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The deal will issue two series of notes, which benefit from a reserve account with approximately $1.4 million, representing about 2.0% of the initial bond balance.
September 25
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A combination of economic and environmental factors are sending property and flood coverage premiums soaring, which can make costs insurmountable for some.
September 25
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With a week left in its 2023 fiscal year, the Small Business Administration has already approved 12% more 7(a) loans than last year. Larger banks were among the biggest gainers as a result, according to the agency's latest data.
September 24
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Slated to close by September 29, the deal has total initial hard credit enhancement that amounts to 87.7% on the most senior class of notes.
September 22
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Total hard credit enhancement of 37.45% shore up the class A notes, according to Moody's. In the rest of the deal the classes B, C and D notes benefit from total hard credit enhancement of 33.1%, 23.7% and 13.7%, respectively.
September 22
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Since 2019, distressed loans have increased 77%, but it is just a small portion of the $691 billion currently outstanding.
September 21
