Redwood Trust closed a $391 million securitization backed by nonqualified mortgages (non-QMs), marking the inaugural deal from its Aspire platform that was expanded in early 2025, the company announced Friday.

The transaction (SPIRE 2026-1) establishes Redwood’s third securitization shelf, alongside Sequoia for nonagency mortgages and CoreVest for business-purpose lending.

Aspire’s first securitization includes 752 loans to borrowers with an average credit score of 754 and a weighted average combined loan-to-value (LTV) ratio of 69.79%. Select Portfolio Servicing will serve as servicer. Morgan Stanley & Co. LLC acted as sole structuring agent and sole bookrunner.

Aspire operates through a correspondent model, acquiring details ⇒

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