KBRA Assigns Preliminary Ratings to FCI Funding 2024-1, LLC
1 Aug 2024 | New York
KBRA assigns preliminary ratings to two classes of notes issued by FCI Funding 2024-1, LLC (FCI 2024-1), a $206.3 million property tax lien ABS transaction. FCI 2024-1 represents Finch Investment Group's (FIG, or the Company) third tax lien ABS securitization. Proceeds from the Notes will be used to acquire a portfolio of 50,845 property tax lien assets from municipalities within six states, including Florida (61.6%), New Jersey (19.8%), and Mississippi (8.1%), with a redemptive value of approximately $184.8 million (the Initial Tax Liens). The Initial Tax Liens have been purchased by special purpose tax lien holding subsidiaries owned by FIG Capital Investments (the Fund), an affiliate of the Company, and will be contributed by the Fund to the Issuer at closing.
FIG was founded in 2013 and is a specialty finance company that services real estate tax liens purchased from government entities or third parties. The Company is comprised of 14 individuals with headquarters in Jacksonville, Florida. As of June 18, 2024, the Company has acquired approximately $2.0 billion in tax liens since inception, of which approximately $242.0 million are outstanding.
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