Donna M. Mitchell is a financial journalist based in the New York metro area with expertise covering structured finance, commercial real estate, and wealth management. Her work has appeared in Forbes, Next Avenue, Financial Planning and National Real Estate Investor.
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A reserve account is initially 0% at closing. The target will shift between 1%, 2% and 3%, depending on whether the three-month average excess spread falls below certain thresholds.
November 5 -
Any risk of mis-matching of fixed and floating rates among the assets and transaction notes is minimal. Between 80%-90% of the notes pay a fixed rate, while 78% of the loans are fixed rate.
November 4 -
Aside from the pool primarily made up of second and junior liens in the pool, 82.2% of the loans were underwritten with alternative documentation.
November 1 -
A vast majority of the deal, 87.17% of the collateral, as a percentage of the assets' principal balance, has a 60-month original term to maturity.
November 1 -
Blue Own Asset Leasing's notes benefit from a reserve account representing 1% of the pool balance, overcollateralization, and a senior-subordinate repayment structure.
October 31 -
All the assets benefit from Federal Housing Administration insurance a sequential payment structure and the subordination of servicer advances, if there is no servicer termination event.
October 30 -
The notes receive credit enhancement from overcollateralization, and an initial reserve.
October 29 -
The assets are composed of seasoned mortgage loans financing a range of residential property types.
October 28 -
The deal will repay investors on a hyrid pro rata, sequential basis. Credit enhancement ranges from 51.7% on the class A1A notes to the 2.25% on the class B2 notes.
October 25 -
Looking to raise €245 million ($264.2 million) in securitization bonds, Golden Ray will offer eight tranches maturing in December 2057.
October 24
