Donna M. Mitchell

BDS 2021-FL9 is allowed to be fully collateralized by multifamily or manufactured housing properties, although it has concentration limits on other property types.

Based in Philadelphia, Mazzeo advises a range of client types on securitizations, and guides private equity and hedge fund managers through structured transactions.

While the collateral is high quality, analysts raised concerns about a number of key parties that they feel lack robust securitization experience and financial strength.

CIM is secured by home loans making the most of second chances, and borrowers retaining their homes throughout several economic dips.

It’s in the modeling and the long-term benefits, a cross-section of executive tells virtual crowd at Moody’s ‘Road to COP26’ event.

Conforming single-family homes, 65.3%, comprise most of the portfolio, and none of the borrowers in the portfolio had availed themselves of COVID-19 related forbearance.

The transaction is also the first securitization for ACREC. The entity is also taking on multiple roles, acting as sponsor, issuer and collateral manager.

Office imaging equipment and other business-related loan and lease contracts collateralize the highly diversified pool of obligors.

To help determine certain forms of credit enhancement and loss triggers, LendingPoint 2021-B is tightening its definition of what a charged-off account is.

A high representation of working professional degree holders among borrowers, most notably, medical doctors, boosts confidence in the underlying collateral.

In a move becoming more commonplace for CRE CLOs, the collateral manager can direct modifications that are not subject to servicing standards in deal documents.

The trust excludes loans from about six states with active legislation addressing the exporting of usury rates to out-of-state borrowers.

While the loss coverage is subsequently lower for the notes, totaling $194.2 million, it is expected to be sufficient to cover required rating multiples.

All of the underlying leases are financing new cars, Fitch noted, adding that leases under 36 months for the original term represented about 82.3% of the pool.

The trust includes a 36-month revolving period that will allow it to purchase additional receivables as it collects principal.

The varied portfolio includes loans with strong credit profiles, a WA FICO score of 734 and an original, combined loan-to-value of 68.3%.

Dryrock’s collateral maintained strong performance numbers for the past 12 months, with higher monthly payment rates and fewer chargeoffs compared to last year.

Obligor concentrations are unique compared to other equipment-finance ABS, but outside the top 20 obligors the pool aligns with traditional small-ticket deals.

From the interest rates on the underlying vehicle leases to the benchmark and hedges on the notes issued from the trust, the deal has no Libor exposure.

Known as MOHELA 2021-3, the trust will issue a mix of fixed- and floating-rate notes from a capital structure with three tranches, or note classes.