By Mary-Katherine Stinson
Lexington, Ky., Dec. 29 – The Change Co. and its subsidiary Change Lending, LLC on Dec. 28 closed a sixth securitization of $201 million which included investments from socially responsible asset managers seeking to finance home loans to creditworthy Black, Latino, and low-income borrowers and communities, according to a press release on Thursday.
The securitization was comprised of loans with a weighted average FICO of 728, LTV of 56%, and note rate of 7.85%.
Cantor Fitzgerald served as the initial purchaser and bookrunner on the transaction.
Over 60% of the loans in the securitization were made to Black, Latino, or low-income borrowers.
Change’s social bond and loan framework has been certified by Institutional Shareholder Services.
The Irvine, Calif., company offers banking and lending services with the goal of bringing social and racial equity to the business.
| Issuers: | The Change Co./Change Lending LLC
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| Amount: | $201 million
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| Issue: | Notes
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| Bookrunner: | Cantor Fitzgerald
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| Counsel to issuer: | Dentons US LLP
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| Counsel to bookrunners: | Hunton Andrews Kurth LLP
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| Settlement date: | Dec. 28
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