The
CMLTI 2025-3 will issue notes through classes A and B notes and will repay investors through a senior-subordinate and shifting-interest structure, according to the Kroll Bond Rating Agency.
According to Asset Securitization Report's deal database, coupons range from 0.37% on the most senior interest-only notes, with ratings from Aa1/AAA from Moody's Ratings and DBRS, to 6.73% on the B1 tranche, the most senior of the subordinate notes. The B1 tranche received Aa3 and AA ratings from Moody's and DBRS.
The three super senior tranches of notes, with AAA ratings from KBRA and Aaa from Moody's, benefit from credit enhancement that equals 15.0% of their note balances. The senior support class, with Aa1/AAA ratings benefits from 9.40% in credit enhancement.
There are several key elements that strengthen the credit to the notes, including
have an original FICO score of 765, on a weighted average (WA) basis. All the loan in the pool benefit from third-party due diligence, and even though they aren't all agency eligible, all the loans are qualified.
Mortgages have an average balance of $886,818. On a non-zero WA basis, borrowers have an annual income of $447,724, with reserves of $443,356. Also, the pool has an LTV ratio of 74.7%, on a WA basis.
Geographically, the pool appears to be heavily concentrated, with the top three states California (39.4%), Texas (18.1%) and Florida (7.9%) accounting for 65.4% of the pool.
