Donna M. Mitchell is a financial journalist based in the New York metro area with expertise covering structured finance, commercial real estate, and wealth management. Her work has appeared in Forbes, Next Avenue, Financial Planning and National Real Estate Investor.
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They are not municipal bonds, but they follow municipal bond repayment practices.
June 24 -
The deal includes a step-up rate to the coupon for the A1A, A1B, A2 and A3 notes beginning in July 2029, and the increased rate will be equal to the original class coupon rate, plus 1%.
June 23 -
With a shifting pool mix, concentration limits and other restrictions applied to the new assets, Fitch gives the overall deal a 15.2% base case default expectation.
June 18 -
OWN Equipment Fund has nine different equipment types that make up 96.39% of the pool's Net Orderly Liquidation Value (NOLV).
June 17 -
There is also a significant portion of mortgages secured by investment properties, 44%, and overall 47.5% of the collateral pool is composed of non-qualified mortgages.
June 17 -
The notes will be repaid sequentially, and with subordination, a reserve account that can be replenished and overcollateralization, the notes receive greater credit enhancement over time.
June 16 -
The industry's biggest opportunities involve the evolving cost of capital, which will shift funding sources from the private, local lending markets to institutional sources.
June 13 -
The deal includes a replenishment mechanism that allows subsequent drawdowns on existing mortgages.
June 13 -
A cumulative net loss trigger and a material modified loan ratio trigger will direct all available funds to the note principal payment if they are breached.
June 12 -
All the notes benefit from credit enhancement equaling 4.75% of the note balance, an initial reserve account representing 0.50% of the pool balance.
June 12
