Darien Rowayton Bank plans to securitize $359 million of private consolidated student loans.
DRB Prime Student Loan Trust 2015-B pools loans with a weighted average FICO of 764. Borrowers have graduated from programs and hold degrees that primarily include Master of Business Administration, law, medical, dental, advanced nursing, physician’s assistant, accounting and pharmacy. The borowers in the pool on average earn $178,730 and have repaid an average of three years of their student loan debt at the time of being refinance.
DBRS has assigned a preliminary A’ ratings $359 million of class A notes on offer. The 4.13-year, class A1 notes benefit from credit support of 10.21%; bit the 4.10-year, class A-2 notes and the 2.16-year class A-3 notes benefot from credit suppotr of 10.17%.
The notes also benefit from a full turbo feature. In the event that loans used as collateral do not perform as expected, the repayment of the senior class A notes issued by the securitization trust will be accelerated.
DRB 2015-B is the issuer's second securitization of student loans. The issuer expanded into consumer lending in 2013 with a focus on consolidating student loan debt of borrowers with advanced graduate degrees in select fields with strong credit and earnings profiles. Since 2013, DRB has originated over $950 million in student loans to over 8,600 borrowers.
DRB originates its student loans via a third-party online lending platform, CampusDoor. CampusDoor originates loans to students via web-based application systems.