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BasePoint's technology system, including a proprietary database of historical loan performance data going back 15 years and overseen by 20 data scientists, enables it to fund borrowers daily and apply margin calls every five days.
Loans originated under Sallie Mae's Smart Option loan program, which have demonstrated significantly lower default rates compared with those from the Signature program, make up the entire collateral pool.
Underlying variable-rate loans were underwritten to the Chicago Mercantile Exchange (CME) Term SOFR or the average SOFR. Also, SMB 2026-A will not hedge the rated notes or the student loans in the trust.
Investment properties are the primary properties backing the collateral pool, at 80.3%, while second homes account for 19.7% of the pool.
The securitization amount is smaller than an earlier transaction, and its AAA notes are expected to price at wider spreads than the AAA notes on the 2024-A series.
