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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.
The predominant portion of receivables in the trust portfolio is composed of receivables from the Robinhood Gold Card program, which the company launched in March 2024.
The fintech integrates with payroll systems of employers to arrange early access to earned wages for its customers.
Borrowers in the pool had a non-zero weighted average credit score of 608, with a 112.12% loan-to-value (LTV) ratio.
