© 2026 Arizent. All rights reserved.
For reprint and licensing requests for this article, click here.
The deal continues BHG's more recent streak of securitizing loans collateralized exclusively by consumer loans. The deal is the program's sixth term 144A securitization backed by consumer loans.
A new originator and acquirer is on tap for the SDART program, and comes to market under Rule 144A, unlike previous Santander transactions.
Classes A, B and C benefit from credit enhancement levels of 26%, 17% and 13%, respectively and have an initial loan-to-value ratio of 74%, 83% and 87%, respectively.
Borrowers in the pool had a non-zero weighted average credit score of 608, with a 112.12% loan-to-value (LTV) ratio.
Ledn anticipates a virtuous cycle of funding and lending that could lead to more securitization deals.
