KBRA Affirms All Outstanding Ratings for Ready Capital Mortgage Trust 2022-7
20 Mar 2025 | New York
KBRA affirms all of its outstanding ratings for RCMT 2022-7, a small balance commercial transaction. The affirmations follow a surveillance review of the transaction which has experienced stable pool performance since securitization.
As of the February 2025 remittance period, there is one specially serviced loan (4.3%) which is 90+ days delinquent, and one other loan (3.1%) is 60 days delinquent. KBRA identified four loans (11.6% of the pool balance) as K-LOCs, including the specially serviced asset. This includes one of the top 10 loans:
- Brady Enterprises Weymouth (8th largest, 4.3%)
Two loans have estimated losses:
- Millenia Properties (3.2%, 25.6% estimated loss severity)
- 225-229 43rd Road NE (0.9%, 6.3%)
The remaining K-LOC does not have an estimated loss and represents 3.1% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 109.7% compared to 108.6% at last review and 117.4% at securitization. The KDSC is 1.64x compared to 1.58x at last review and 1.51x at securitization.
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Related Publication
Methodologies
- CMBS: North American CMBS Multi-Borrower Rating Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology