With the recent closing of its first-ever servicer advance ABS, Saxon Capital has tapped a new liquidity source with a unique revolving master trust structure. The $75 million transaction, led by WestLB, has a revolving master trust structure allowing the addition of advances to the trust throughout the life of the deal, sources close to the deal said.

"This securitization afforded Saxon with the opportunity to reduce its cost of funds from other financing sources previously utilized to finance these assets," said a source familiar with the trade. In addition, Saxon may issue more series, as needed, all under the same master trust.

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