ATLANTA--(BUSINESS WIRE)--Angel Oak Capital Advisors, LLC (“Angel Oak”) announced today that it has completed AOMT 2018-PB1, a $90 million securitization backed by loans originated by Angel Oak Prime Bridge (“Prime Bridge”), the firm’s affiliated direct investment property lender. This is Angel Oak’s sixth mortgage securitization since 2015, bringing the total to more than $900 million.
The securitization, believed to be the first of its kind, consists of “fix-and-flip” loans issued by Prime Bridge to residential real estate investors. The securitization features an 18-month revolving period in which paid collateral is replaced with new collateral. The average loan balance in the securitization is $199,052, with original terms between six and 12 months.
“Investors are attracted by this product and its unique structure. The short-term nature of the collateral paired with an attractive yield makes for a rare opportunity in today’s investing climate,” says Angel Oak Co-CEO and CIO Sreeni Prabhu. “But most importantly, investors understand the Angel Oak story by now. Our affiliated mortgage companies’ expertise in quality origination gives investors confidence that our securitizations are backed by loans underwritten to specific guidelines. We believe we have one of the most diverse securitization platforms in the industry.”
Prime Bridge, which started operations in 2011, provides an alternative to private/hard money and commercial bank loans for fix-and-flip residential real estate investors, most of whom renovate properties.
“The securitization will allow Prime Bridge to expand its reach and provide capital to more real estate investors. This, in turn, will lead to the improvement of housing stock in many areas and the betterment of many communities,” says Prime Bridge SVP Robert Mulcahy.
About Angel Oak Capital Advisors, LLC
Angel Oak Capital Advisors is an investment management firm focused on providing compelling fixed income investment solutions for its clients. Backed by a value-driven approach, Angel Oak Capital Advisors seeks to deliver attractive risk-adjusted returns through a combination of stable current income and price appreciation. Its experienced investment team seeks the best opportunities in fixed income with a specialization in mortgage-backed securities and other areas of structured and corporate credit.
As of February 28, 2018, Angel Oak Capital Advisors had approximately $8.5 billion in assets under management across its mutual funds, private funds, and separately managed accounts.
For more information, please visit www.angeloakcapital.com.
About Angel Oak Prime Bridge, LLC
Angel Oak Prime Bridge is a commercial residential lender providing financing solutions for today’s real estate investor. The company was created by individuals with extensive experience in the residential and commercial lending space. Its lending philosophy is founded upon providing innovative portfolio loan programs while consistently delivering an exceptional client experience to both borrowers and referral partners.
For more information, please visit www.angeloakprimebridge.com.