Finance

Multifamily debt held by all capital sources continues to grow at a faster pace than the overall commercial market, the Mortgage Bankers Association said.

Loans on used cars, extended to borrowers with prime credit characteristics, make up the reference pool of assets.

Federal Housing Finance Agency Director Bill Pulte is the new chair for both and he has removed several members while adding a few new names at each.

Money-market funds with cash to invest are doing more repo — extending overnight credit to owners of Treasuries, causing the rates on the loans to decline.

Aside from that, three collateral performance trigger events—delinquency, default and extension rate—that can force an early amortization are structured into the deal.

The pool is diversified, with its top obligor accounting for 3.2% of the pool balance, and the top 10 obligors account for 14.1%.

Coupons range from 4.4% on the noted rates P1/A1+ from Moody's and S&P, to 5.66% on the notes rated Ba1/BB+.

FHF sources almost all its loans—most recently 96% in 2024—from franchise dealers.

The deal is structured as a public securitization, under Rule 144A, and is supported by lending indirectly through more than 1,100 partnerships across the country.

The pass-through certificates are supported by a full pool of amortizing loans, which have no interest-only periods.