LendingHome Corp., a provider of mortgage financial services, has completed its first syndicated, revolving securitization of $219 million of asset-backed securities.
The securitization consists of approximately $208 million of senior- and mezzanine-class offered certificates and approximately $11 million of subordinate-class, non-offered certificates.
The transaction was structured with a two-year revolving period wherein principal payoffs can be reinvested in newly originated loans. The loans are generally 12 months in term and originated for the purpose of rehabilitation and resale of the underlying residential property.
LendingHome Funding Corp. was the sponsor for the transaction and originated 100% of the loans in the transaction.
Nomura Securities International Inc. was the structuring agent of the two-year revolving transaction. Nomura and Barclays Capital Inc. were co-lead managers, while Sandler O'Neill was co-manager.