Silverleaf Resorts, the Dallas, TX based timeshare operator, plans to issue a $132.8 million securitization backed by timeshare loans.

The deal dubbed Silverleaf Finance XVII LLC (Series 2013-A) has been assigned preliminary ratings by Standard & Poor’s. The structure will offer $100.8 million of ‘A’-rated notes and $31.9 million of ‘BBB’-rated notes.

The timeshare operator was last in the market in 2010 with a term securitization called Series 2010-A Notes.

Silverleaf currently owns and/or manages seven getaway resorts and six destination resorts located in Texas, Missouri, Illinois, and Georgia. The company typically does not sell to borrowers meeting a minimum FICO score of 575, according to the S&P presale report.  

Silverleaf expects to add more timeshare loans in a principal amount up to $25,524,049 from approximately $14.4 million of new originations during the prefunding period, and also $11,124.410 of identified prefunding collateral being purchased from an existing warehouse facility.





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