Social Finance’s second securitization of “peer-to-peer” student loans, SoFi Professional Loan Program 2014-A, has been assigned a preliminary A’ ratings by DBRS.
This time the trust will issue two classes of notes, instead of a single tranche. The A’ rated, class A1 notes are being talked at 115 to 160 basis points over Libor. By contrast, the previous deal, completed in December 2013, was talked in the 220 to 230 basis point area. The class A-2, A’ notes of the latest deal are being talked at swaps plus 165 basis points.