Don't let the plainness fool you. Although MRU Holdings, known as MyRichUncle, made its securitization debut with a deal that had no innovations or special features outside of up-to-the-minute SLABS techniques, the student loan firm is making a huge splash in its core industry.
Completed last July, MRU Holdings' $200 million first securitization was very straightforward, according to Jonathan Coblentz, MRU Holdings' treasurer and head of capital markets. An alum of Credit Suisse and Goldman Sachs, Coblentz said the company's main goals were to tell its story to the public while raising funds. The transaction did not include any proceeds from its Preprime loan product, a line of funding that has helped the company break away from the pack of increasingly competitive lenders.