Silverleaf is marketing a $151.5 million securitization of timeshares.
The deal called Silverleaf Finance VII LLC 2010-A is managed by UBS and offers investors three fixed rated tranches ranging from single-A to double-B. The deal is slated to close on June 3.
Details on the deal is available via the link below from the ASR Scorecard database.
The current portfolio is secured by tax liens from municipalities in eight states and Washington, D.C., that have a redemption value, or the approximate value of the outstanding liens, of about $119.6 million with an original lien rate of 12.2%.
The deal includes subordination in the form of class B notes, a rarity for whole business securitization deals.
When the Trump tax cuts expire next year, the White House will ask for higher corporate taxes and a buyback tax as Congress enters one of its biggest economic fights of the decade, which will have major implications for bankers.
All four of the class A tranches benefit from total initial hard credit enhancement of 13.80%, while the B and C classes of notes are covered by 10.6% and 6.0% in initial hard credit enhancement.
Yields are expected to range from 6.3% on the AAA notes to 7.4% on the BBB notes, which are priced against the three-month interpolated yield curve, and have a final schedule payment date of May 15, 2029.
The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
