KBRA Assigns Ratings to FIGRE Trust 2024-SL1 (FIGRE 2024-SL1)
15 Nov 2024 | New York
KBRA assigns ratings to six classes of mortgage-backed notes from FIGRE Trust 2024-SL1 (FIGRE 2024-SL1), a $220.1 million RMBS transaction, sponsored by Figure Lending LLC (Figure), comprising first lien (11.4%), second lien (84.6%), and third lien (4.0%) home equity lines of credit (HELOCs) loans. The underlying pool is seasoned twenty-eight months and consists of 4,504 draws on 2,846 lines of credit (the loans) originated by Figure. All the loans in the pool are fixed rate and fully amortizing.
The HELOCs feature maturity terms of 30-years (63.3%), 15-years (20.8%), 10-years (14.2%), and 5-years (1.7%) with corresponding draw periods of 5-years, 4-years, 3-years, and 2-years, respectively. Borrowers have drawn $220.1 million from the combined available credit limit of $241.2 million (a 92.8% current WA draw percentage, also referred to as the utilization rate) as of the cut-off date. Unless specified otherwise, all mortgage loans’ percentages and values presented in this report are based on actual collateral balances from the 2,846 lines of credit as of the cut-off date.
The FIGRE 2024-SL1 deal structure incorporates excess spread along with a sequential interest waterfall and pro-rata/sequential-pay hybrid principal payment waterfall. Losses will be allocated reverse sequentially beginning with the Class B-3 Notes through to the Class A-1 Notes. The deal structure also includes a Reserve Account, to fund borrower draw requests, that is both fully funded and can be replenished, to the target amounts, through the waterfall.
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