Spruce Finance, Inc., a newly formed financier of residential energy-efficiency and solar panel installations, is issuing its first securitization of home improvement loans originated through both its predecessor companies and Fannie Mae.

Spruce is issuing its first series under Spruce ABS Trust 2016-E1, an $83.78 million transaction comprised of two classes of twelve-year notes.  The Class A notes total $73.5 million, with credit enhancement of 26% while the Class B notes are sized at $10.3 million with 15.5% CE.

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