Renovate American Adds to PACE Supply: The $268,474 HERO Funding 2017-1A is initially backed by $191.7 million of Property-Assessed Clean Energy bonds (PACE Bonds) issued by three California municipalities: Western Riverside Council of Governments, San Bernardino Council of Governments and County of Los Angeles. The remainder of the collateral will be acquired by July 2. This is Renovate America’s first strip to the securitization market since the program administrator was targeted by two class action lawsuits on behalf of borrowers.
Caliber Non-Prime RMBS: At $402 million, COLT 2017-1 is nearly twice the size of the sponsor’s previous deal ($225M), completed in December; Caliber, controlled by Lone Star Funds, has also introduced a new performance trigger that allows it to offer lower credit enhancement for the senior tranche, which carry a triple-A from KBRA, Fitch, Morningstar and DBRS. (For full story, read here.)