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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.
Raising $350.2 million in notes, the transaction has borrowers with higher credit quality, though the notes have less excess spread.
The top 20 obligors account for 32.0% of the aggregate securitization value, while the top 10 represent 18.8%, a moderately elevated concentration.
There is an optional redemption feature, which allows certificate holders to redeem the notes on any day on or after the fifth business day before the monthly payment date in July 2028.
