Roc360 announces the closing of its first residential bridge loan securitization
NEW YORK – (BUSINESS WIRE) – Roc Capital Holdings LLC (“Roc360”), a vertically integrated digital platform for residential real estate and one of the leading originators of investor loans nationwide, has the pleasure of announcing the closing of its first revolving syndicated securitization of residential transitional loans. Roc360 obtains its loans using a multi-channel approach both through its network of private lenders for which the company acts as the country’s leading provider of white-label capital, transparently providing its clients with capital, technology and services. leads, and through its data science directly to the borrower. subsidiary company Mortgage loan.
Roc360 acted as a sponsor and, through its various wholly owned subsidiaries, underwritten, created and financed all of the initial mortgages included in the transaction. The Roc Mortgage Trust-2021-RTL1 securitization was structured with a total of notes offered of approximately $ 200.790 million divided into two senior note categories and one mezzanine note category. None of the ratings offered will be rated by a rating agency.
Securitization represents an interest in a pool of productive, fixed rate, interest-only first mortgage loans granted to real estate investors, with eligible collateral encompassing residential, multi-family and mixed transitional properties of one to four families. . The operation benefited from strong demand and was oversubscribed with a large institutional stake, supported by a strong origination capacity and the credit performance of more than $ 4 billion in loans issued by Roc360 since 2014.
Nomura Securities International, Inc. acted as the sole principal agent in structuring the transaction. Morgan Stanley & Co. LLC acted as associate bookrunner and co-lead manager of the transaction.
This is the first securitization of Roc360, a data science-driven PropTech lender led by Founder and CEO Arvind Raghunathan, PhD. and co-founded by Maksim Stavinsky, COO, and Eric Abramovich, Director of Credit. Roc360 Advisory board is headed by Deven Sharma, former president of Standard & Poor’s.
Securitization has a two-year revolving period during which principal recoveries on the underlying mortgages can be used to purchase additional loans and fund rehabilitation drawdowns. The credit enhancement for the transaction includes the subordination of the notes, over-collateralization and excess margin.
The transaction represents the second committed capital facility that Roc360 has raised in as many months.
Roc360 is an industry-leading, vertically integrated digital financial services platform and lender facilitating a broad range of residential real estate loans for professional investors. Founded in 2014, Roc360 employs over 250 people and has funded over $ 4 billion in loans. The company is headquartered in New York and offices on four continents.
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