An affiliate of Balbec Capital brought three deals in March alone with another set to begin marketing shortly. Goldman Sachs and Citi also issued non-agency MBS with reperforming loans.
The new issuance from Balbec Capital received a preliminary AAA rating with somewhat higher credit enhancement than a typical expanded-credit MBS. It’s the second scratch-and-dent MBS from Balbec this year.
Non-QM impairments decline after two-month increase; Balbec unit offers non-QM MBS with loans from Sprout; new CIO at Redwood; Velocity quickly packages business-purpose loans.
PRP Advisors issued its first non-agency MBS with newly originated mortgages for investment properties. To this point, Balbec’s non-agency MBS issuance has focused on seasoned mortgages.