KBRA Affirms All Ratings for Silver Hill Trust 2019-SBC1
15 Jan 2025 | New York
KBRA has affirmed all of its outstanding ratings for Silver Hill Trust 2019-SBC1, a $188.6 million small balance commercial securitization collateralized by 442 loans secured by 562 properties. The affirmations follow a surveillance review of the transaction, which has benefited from deleveraging due to loan payoffs and amortization.
As of the December 2024 distribution date, there are 36 loans delinquent 30 days or more or REO (9.2% of pool balance), each of which has been identified as a KBRA Loan of Concern. In addition, 76 of the non-delinquent loans (21.3%) have been modified by the servicer. A majority of the modifications were executed in 2020 and 2021 as a result of COVID-19 related forbearance relief provided to borrowers.
The transaction's WA KLTV of 110.1% is consistent with issuance (109.4%). However, the values to derive KLTV are from issuance as there is limited information provided to reassess values.
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