The properties backing the $336 million transaction average 23 years of age, with valuations averaging $303,727 per property and an average monthly rent of $2,229. Most require pre-lease rehabilitation costs that amount to an average of $8,318.
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One potential area of concern is commercial real estate; more than two-thirds of respondents in the latest IACPM survey quarter believe defaults will increase in this area over the next year.
July 24
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Chesapeak Funding II 2017-3 II is only the second transaction Element has launched since merging its fleet securitization platforms earlier this year.
July 24
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Rather than working with large-scale investors, Freddie Mac said it will focus on assisting community organizations and local institutions to fund single-family properties for renters with special needs.
July 24
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Unlike the $15 billion-asset bank’s legacy mortgage bonds, the new offering is backed by loans to borrowers with strong credit and significant equity in their homes.
July 24
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Loans with terms between 73 months and 75 months comprise 15.6% of the collateral for DRIVE Auto Receivables Trust 2017-2, up from 0.5% in 2017-1; yet Moody's Investors Service is holding its loss expectations stable.
July 24
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The collateral has the highest concentration of longer-term loans of any Toyota deal to date: 42.6%; that's up 3.7 percentage point from the sponsor's previous deal.
July 21
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House Financial Services Committee leaders and two top real estate trade groups have cut a deal on a bill to reform the National Flood Insurance Program.
July 21
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Unlike some other large loans obtained by affiliates of the private equity firm, this one is not being carved up into bits; rather, the entire $1.4 billion mortgage is securitized in a single transaction.
July 21
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Fitch Ratings expects net losses to reach 1.45% over the life of the deal, down from prior deals, thanks to the introduction of a selection criteria that stipulates a minimum FICO score of 650.
July 20
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The alliance should help the asset registry and communications platform, accelerate its expansion beyond leveraged loans and structured finance and into more overseas markets.
July 20
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Structural features, not present in the sponsor's previous securitization, completed in 2012, allowed it to obtain a credit rating for the the senior and subordinate tranches.
July 20
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The Office of the Comptroller of the Currency is planning to ask for public feedback on a proposal on whether and how to change the Volcker Rule.
July 19
