NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two note classes of TLF National Tax Lien Trust 2017-1, a property tax lien ABS transaction.
This transaction represents the first term securitization sponsored by Partners in Prophet, Ltd. (“Prophet”) and the second transaction serviced by Propel Financial Services, LLC (“Propel” or the “Company”). The initial collateral pool is comprised of property tax liens from municipalities within the states of Arizona, Connecticut, Florida, Illinois, Nevada, New Jersey, New York and Texas. The transaction also includes a subsequent tax lien account with an initial balance of $11.0 million funded at closing to purchase subsequent tax liens on properties already subject to tax lien assets in the initial pool. Each tax lien was formerly owned or originated by Propel, and the vast majority of the tax liens were acquired by Propel directly from municipalities.
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Representations & Warranties Disclosure
All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report available here.
Related Publications: (available at www.kbra.com)
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