Mercury Financial Securitization Analysis
Mercury Financial is one of the largest credit builder and subprime credit card companies. They are bigger than Mission Lane and Self. […]
Brex Securitization Analysis
A few months ago Brex announced a $200M securitization backed by corporate charge card receivables. This is the 4th securitization by the […]
Stream Financial Securitization Analysis
Here’s a new home improvement ~$195M securitization by Stream Financial LLC. Company Overview:• Stream Innovations is a leading point-of-sale home improvement financing […]
Greensky Loans Securitization Analysis
GreenSky® Home Improvement loans recently announced a $739M securitization for 2024. The famed POS home improvement lender that went public, then acquired […]
Reach Financial Securitization Analysis
Reach, a debt consolidation lender, announced a new $236M securitization. Debt Settlement and loans for debt consolidation are big businesses for PE. […]
Fora Financial Securitization Analysis
Fora Financial, a small business lender, announced a new securitization for $127M. The transaction’s structure, including overcollateralization and excess spread for additional […]
What is a Verification Agent?
A verification agent, also sometimes referred to as a verification trustee or review agent, plays an important role in debt facilities and […]
What is Excess Spread?
Excess spread is a key concept in consumer finance, specifically when looking at warehouse facilities and asset-backed securitizations. At a high level, […]
What is Credit Enhancement?
One of the major risks in securitization relates to the variability of cash flows from the underlying assets. If mortgage borrowers default […]
What is Overcollateralization?
Overcollateralization (OC) is an important concept in structured finance, especially in collateralized loan obligations (CLOs) and other asset-backed securities. For CLOs and […]
What is Securitization?
Securitization is the process of taking an illiquid asset, or group of assets, and through financial engineering, transforming them into a security. […]
What is Credit Tranching in a Securitization?
Securitization is the process of pooling various types of assets, like mortgages, auto loans, or credit card debt, into a financial product […]