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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.
LADAR 2025-3's loss levels are notably lower than the rating agency's assumptions on the LADAR 2025-1 because the sponsor excluded borrowers with credit scores lower than 701 from the collateral pool.
Credit enhancement builds over time and includes non-declining overcollateralization at 5.00% of the initial adjusted pool balance, and a reserve fund that represents 0.25%.
As the deal's servicer, GLS is considered less able to mitigate non-collateral risks on behalf of securitization bondholders, it is still experienced, with more than 35 ABS deals.
