Securitization

Park Hotels & Resorts, the real estate investment trust being spun out of Hilton Worldwide Holdings, is tapping the securitization market for a cash-out refinancing of two full-service hotels in San Francisco.

Subprime indirect auto lender American Credit Acceptance caters to customers with flawed FICOs that average 543, and continues to extend the vast majority of new and used auto loans beyond five years. But nonetheless, the trust joins the ranks of other issuers with ‘AAA’-rated senior notes in its latest securitization of new and used auto and motorcycle loans thouogh a a $211.25 million notes transaction.

A new refinance mortgage offered by Social Finance, better known as SoFi, lets consumers tap into their home equity to pay down student loan debt at terms more favorable than a traditional cash-out refi.

Late payments on securitized commercial mortgages climbed again in October, as they have for seven of the past eight months.

A first-lien mortgage loan issued for the new State Farm Mutual Insurance regional headquarters building in suburban Dallas, Tex., is being collateralized for a single-property securitization.

The Loan Syndications and Trading Association announced Monday that the new so-called “delayed compensation” standards have resulted “well over 90 percent” compliance in stricter settlement windows for secondary par trades.

Citigroup Global Commercial Mortgage Trust 2016-3 is a $756.4 million asset-backed pool of 44 fixed-rate loans secured by 72 commercial properties. Forty-four of the properties in the pool are hotels or office, all tied to loans originated within the last five months.

Freddie Mac's credit risk transfers come with a hefty price tag, but are ultimately still worth it, according to Chief Executive Don Layton.

Velocity Commercial Capital is marketing its second small balance commercial loan securitization of the year.

Morgan Stanley, Wells Fargo and Bank of America are marketing $725.6 million of commercial mortgage bonds designed to meet requirements from regulators on both sides of the Atlantic to keep “skin in the game” of their deals.

Diamond Resorts is preparing its first offering of bonds backed by timeshare loans in nearly a year, according to Kroll Bond Rating Agency. A lot has happened in the meantime.

This year, industry heavyweights Goldman Sachs, Wells Fargo and Quicken all burst onto the digital lending scene. These big firms may have been latecomers, but their timing was still good, since they came to market amid rising doubts about many of the online lending sector's early entrants.

Credit Suisse is marketing bonds backed by a $280 million floating-rate mortgage collateralized by 27 standalone retail properties leased to Mills Fleet Farm.

The latest securitization of single-family rental properties by Colony American Finance is also the smallest to date for the REIT-affiliated lender. Colony American Finance 2016-2 is a securitization of 71 multi-borrower loans it originated included in a pool sized at $187.9 million, secured by mortgages of 2,717 rental units of single-, 2-4 and multi-family properties.

Bank of California in Irvine has sold an equipment-finance business to Hanmi Financial in Los Angeles.

Blackstone Real Estate Partners is tapping the securitization market for a cash out refinancing of The Cosmopolitan Las Vegas hotel and casino.

The risk premium that investors demand for holding CLOs continues to decline as refinancing activity continues to dominate the new issuance, and the trend looks set to continue heading into the final two months of the year.

A market that some Ginnie Mae issuers tap to help finance their mortgage operations has a dwindling number of investors.

Ygrene Energy Fund has emerged with its long-anticipated first securitization of Property Assessed Clean Energy (PACE) bonds that finance residential and commercial energy efficiency improvements and upgrades.