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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.
Aqua Finance's credit enhancements include a sequential pay structure until the class A credit enhancement period is over.
The top 20 obligors account for 32.0% of the aggregate securitization value, while the top 10 represent 18.8%, a moderately elevated concentration.
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.
