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68.5 F
San Diego
Wednesday, May 29, 2024
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Lender Completes Record Securitization

Accredited Home Lenders Holding Co., a San Diego mortgage bank specializing in non-prime mortgages, said it closed a $1.4 billion securitization of loans that included about $1.05 billion of first-lien residential mortgages through its real estate investment trust subsidiary June 29.

An additional $350 million of mortgages will be delivered to the securitization trust in July and August, the company said.

The securitization, which included four classes of senior notes and nine classes of subordinated notes, was the largest ever issued by Accredited, the company said.

Lead manager for the deal was Goldman, Sachs & Co., with Credit Suisse, Merrill Lynch & Co., Bear Stearns & Co. and UBS Investment Bank acting as co-managers.

Accredited trades on the Nasdaq as LEND. Shares closed June 29 at $48.66, up from the previous day’s close of $46.56.

, Mike Allen

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