Donna M. Mitchell

Lendbuzz closed a new $100 million committed warehouse facility, with a 12-month revolving period, and will bring its total warehouse capacity to $400 million.

Only about 1.0% of the mortgage assets in the collateral pool are for the respective borrowers’ personal use, and qualify as mortgages under Regulation Z.

LHOME represents Kiavi’s first deconsolidated deal, given the sale of residual interest. Kiavi sold 95% of the bottom residual class to an institutional investor.

Solar loans with balances of $5,000-$125,000, and Home Efficiency Loans, which have balances ranging from $1,000-$100,000, make up the bulk of the asset pool.

Based in New York, Benoist de Vimal will be responsible for managing aviation origination, including supporting MUFG's originate-to-distribute business model.

Pre-pandemic, risk vehicles totaled 99.5% of the program’s fleet, but a shift toward non-program vehicles is expected, as manufacturers prioritize auto dealerships.

Half of the loans were originated prior to the onset of the COVID-19 pandemic, and mainly in Q1 2020, while classes A and B have interest-only portions.

Secured by a single Morgan Stanley first-lien mortgage, the SFR is the largest deal since the program priced its $2 billion transaction in July 2021.

Arivo is being structured as a Rule 144A deal and uses a senior-subordinate capital structure, and all classes benefit from initial credit enhancement.

Sport utility vehicles (SUVs) represent 26.6%—and 26.7% if upsized—of the deal’s underlying portfolio, compared with 13.0% from the 2022-1 securitization.

Key changes in MMAF 2022-1, from previous transactions, include significantly lower average securitization values by receivables and greater obligor diversification.

By property type, lodging assets led the way for total delinquencies, with 6.3%, while some 3.5% of the lodging pools were current and specially serviced.

Homes securing the portfolio produce an average monthly rent of $2,405, based on gross potential rent for vacant properties, and an average remaining lease term of eight months.

Securitization would have to see more cycles before the full effect of the COVID-19 pandemic becomes apparent, but loans backing multi-borrower SFRs show more sensitivity to rent collection disruptions.

Almost all of the loans, 96.9%, were underwritten on less than full documentation, and the collateral’s weighted average DTI is 37.9%.

Non-QM assets overlap almost perfectly with the portion of loans, 52%, financing properties where the borrower intends to maintain as a primary residence.

Sharkey counsels CLO managers, investors and arrangers on warehouse financings, collateral fund obligations, CLO business acquisitions and portfolio sales.

UPST 2022-1 is one of the smallest transactions yet from the platform, with a pool balance of $503 million at its cutoff date, compared with recent deals.

Both the consumer and small business segments derive much of their receivables from accounts with high FICO scores and strong full repayment habits.

CRVNA 2022-P1 has a collateral pool with annual gross excess spread of 3.41%, compared 5.6% with from the 2021-P4 deal, due to the lower collateral interest rate.