SCLP 2015-1 represents the first term ABS securitization of unsecured consumer loans for SoFi. Since the closing of SCLP 2015-1, SoFi has sponsored four unsecured consumer loan securitization in 2016, each has been rated by KBRA. SoFi currently originates personal loans through its state licenses or complies with certain requirements where a state lending license is not required.
Founded in 2011, SoFi is located in
SoFi finances loans on its balance sheet through its
Initial credit enhancement levels are 26.00% for the Class A Notes. Credit enhancement consists of overcollateralization, excess spread and a reserve account funded at closing.
KBRA applied its General Rating Methodology for Asset-Backed Securities as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and SoFi’s historical gross loss data. KBRA also conducted an operational assessment of the SoFi’s Platform, as well as a review of the transaction’s legal structure and transaction documents. KBRA reviewed the operative agreements and legal opinions for the transaction.
Final Ratings Assigned: SoFi Consumer Loans Program 2015-1
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