KBRA Assigns Preliminary Ratings to TLF National Tax Lien Trust 2017-1

NEW YORK--()--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.

             
Class     Preliminary Rating     Initial Principal Balance
A     AAA (sf)     $137,000,000
B     A (sf)    

$7,400,000

       

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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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical:
For Kroll Bond Rating Agency
Patrick McShane, 646-731-2376
Senior Director
pmcshane@kbra.com
or
Pauline Christo, 646-731-3397
Director
pchristo@kbra.com
or
Usman Khan, 646-731-2488
Associate Director
ukhan@kbra.com

Contacts

Analytical:
For Kroll Bond Rating Agency
Patrick McShane, 646-731-2376
Senior Director
pmcshane@kbra.com
or
Pauline Christo, 646-731-3397
Director
pchristo@kbra.com
or
Usman Khan, 646-731-2488
Associate Director
ukhan@kbra.com