KBRA Assigns Preliminary Ratings to Gracie Point International Funding 2024-1, LLC, Series 2024-1
13 Feb 2024 | New York
KBRA assigns preliminary ratings to four classes of notes issued by Gracie Point International Funding 2024-1, LLC, Series 2024-1.
Gracie Point, formed in February 2010, is in the business of financing life insurance policy premium payments. Gracie Point’s clients are high net worth individuals, procuring or having procured life insurance for estate planning or business purposes.
This transaction is secured by a special unit of beneficial ownership interest (SUBI) of Gracie Point Collateral Trust (the Collateral Trust). The Collateral Trust holds participations in premium finance loans and a portion or all of the beneficial interest in certain participations held by the Collateral Trust will be allocated to the SUBI held by the Issuer. Each Premium Finance Lender is a wholly-owned subsidiary of Gracie Point. Each Premium Finance Lender is a wholly-owned subsidiary of Gracie Point. Each Premium Finance Loan will be at least 100% collateralized by a combination of (i) the life insurance policy issued by an eligible life insurance carrier (each, an Eligible Life Insurance Company) having a minimum CSV, (ii) cash, if needed and (iii) a letter of credit from an eligible letter of credit provider, if needed. Each Borrower of a Premium Finance Loan is required to reserve one collection period (monthly or quarterly) of accrued and unpaid interest plus the applicable maximum surrender period (typically six months) of forward interest on such Premium Finance Loan.
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