KBRA Assigns Preliminary Ratings to PVOne 2025-1, LLC
28 Feb 2025 | New York
KBRA assigns preliminary ratings to two classes of notes issued by PVOne 2025-1, LLC (PVOne 2025-1), a $51.8 million property tax lien ABS transaction. PVOne 2025-1 represents the Company’s third tax lien ABS securitization. Proceeds from the Notes will be used to acquire a portfolio of 5,558 property tax lien assets from municipalities within 11 states, including Ohio (39.1%), Illinois (37.9%), and New Jersey (8.4%), with a redemptive value of approximately $48.7 million (the Tax Liens) and a weighted average original lien rate of 10.0%. The Tax Liens have been purchased by special purpose tax lien holding subsidiaries owned by the PVOne Capital, LLC (PVOne or the Company) and American Community Investment Management, LLC, an affiliate of the Company.
PVOne, founded in 2014, is a specialty finance company that services and purchases real estate tax liens acquired from government entities or third parties. The Company is comprised of 14 individuals with headquarters in Chicago, Illinois. As of February 2, 2025, PVOne has acquired approximately $309.0 million in tax liens since inception, of which approximately $105.9 million are outstanding.
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