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3 hours ago
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Florida-based non-QM lender A&D Mortgage on Friday announced an offering of $458.9 million in residential mortgage-backed securities (RMBS), calling it “another milestone in the company’s commitment to expanding financing solutions for borrowers with diverse income streams.”
The RMBS deal, done in partnership with Imperial Fund Asset Management and Clearwater Analytics, is expected to close on March 13. There are 11 initial investors in the transaction, according to a press release, including Nomura Securities International, Barclays Capital, BMO Capital Markets, BNP Paribas, Jefferies and Piper Sandler & Co.
The transaction is backed by a pool of 1,290 loans, with 45% of them tied to investment properties, and includes a mix of non-QM loans such as bank-statement and debt-service-coverage ratio (DSCR) mortgages.
The pool has a weighted average credit score of 745 and a weighted average combined loan-to-value ratio of 68.9%. All of the loans were originated by A&D Mortgage or one of its qualified correspondents.
Last month, A&D announced the acquisition of the wholesale and nondelegated correspondent businesses of Mr. Cooper Group in a deal that’s expected to close by the end of March. The two entities being acquired funded more than $10 billion in originations in 2024, A&D reported.
“We took a very careful and measured approach to finding a potential partner to grow our QM business,” A&D Mortgage CEO Max Slyusarchuk said at the time. “A&D’s goal is to be an industry leader, and this transaction is a big step forward.”
In September 2024, A&D partnered with global investment firm Atlas Merchant Capital on a joint venture that expanded A&D’s $7 billion securitization platform. Imperial said at the time that the goal was to securitize loans for investment across a range of securities in sponsored transactions.
The joint venture closed its first RMBS deal in August that involved $370 million in mortgages originated by A&D. The deal was rated by S&P Global and Kroll Bond Rating Agency. It was A&D’s 21st deal but first under its partnership with Atlas.
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