General World News

Hot home-equity market fueling securitization deals

New York-based Unlock Technologies, a fintech operating in the shared-equity market, and real estate investment firm Saluda Grade, have closed a $180 million private-label securitization (PLS) backed entirely by Unlock-originated residential home-equity agreements (HEAs).

The PLS transaction, called UNLOK 2022-1, involves $144 million of unrated senior Class A notes, $18 million of mezzanine Class B securities and $18 million of mezzanine Class C securities.

“The senior debt offering in the securitization was oversubscribed, with participation across mutual funds, credit funds, banks and asset managers,” Unlock’s announcement of the deal states. “All investors in the transaction were first-time participants in securitizations backed entirely by home-equity agreements details ⇒

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