A pool of 752 non-prime mortgages will secure $391.2 million in securitized bonds from the ASPIRE Mortgage Trust, 2026-1.
Aspire Sponsor and CCS Structured Credit Investments Fund are sponsoring the deal, which is backed by fixed-and adjustable-rate, fully amortizing loans, according to analysts at Fitch Ratings and S&P Global Ratings.
Multiple originators contributed first-lien mortgages to the pool, which is composed of various properties, including single-family homes, planned unit developments, condominiums and multifamily homes.
ASPIRE Mortgage Trust, 2026-1 is slated to close on March 6, and will issue notes through seven tranches of notes, according to the rating agencies.
Morgan Stanley is the deal's underwriter, the rating agencies said.
Notes will be repaid through a combination pro-rata/subordinate structure on the senior and subordinate notes.
S&P says estimates 16.3% and 1.00% loss coverage estimates for the 'AAA' and 'B' levels, respectively.
The Loan Store originated the largest portion of mortgages in the pool, 10.3%, according to Fitch, while an array of other lenders accounted for the rest. Select Portfolio Servicing is servicing the mortgages, while Rocket Mortgage is on the deal as master servicer, according to Fitch and S&P.
A significant portion of the pool, 39.9%, underwent alternative documentation, S&P said. Only a slight majority of the mortgages are for purchases, while 26.5% are for cash-out refinancings, the rating agency said.
Despite the underlying mortgages' non-prime characteristics, borrowers have strong characteristics, S&P said. Leverage is modest, for one, with a loan-to-value ratio of 69.8%, and a FICO score of 751, both on a weighted average (WA) basis. The loans also have a debt service coverage ratio of 1.28%, the rating agencies said.
Also, borrowers have a debt-to-income ratio of 31.7%, the rating agencies said.
S&P assigns AAA to the A1A through A1 tranches of notes; AA to the A2 notes; A to the A3 notes; and BBB, BB and B+ to the M1, B1 and B2 notes, respectively.
