Press Release|ABS

KBRA Assigns Preliminary Ratings to RAM 2024-1, LLC

15 Feb 2024   |   New York


KBRA assigns preliminary ratings to two classes of notes issued by RAM 2024-1, LLC (RAM 2024-1), an $89.496 million property tax lien ABS transaction. Proceeds from the Notes will be used to acquire a portfolio of 18,008 property tax lien assets from municipalities within eight states including Florida (36.8%), South Carolina (20.0%), and Colorado (17.3%) with a redemptive value of approximately $90.8 million (the Initial Tax Liens) and a weighted average original lien rate of 8.5%. The Initial Tax Liens have been purchased by special purpose tax lien holding subsidiaries of RAM Tax Lien Fund LP (the Seller) that will be contributed by the Seller to the Issuer at closing. The Seller is the sponsor of the transaction and will retain 100% of the transaction equity at closing.

RAM Financial Group L.L.C. (RAM, the Company or the Servicer), founded in 2019, is a specialty finance company that services real estate tax liens from government entities or third parties. The Company is comprised of six individuals operating out of offices across the country. As of January 5, 2024, RAM has serviced over $350 million in tax liens, of which approximately $92 million are outstanding. RAM 2024-1 is the Company’s inaugural securitization. The Company will act as Servicer for the transaction. The Company is the general partner of the Seller and the Seller has reported a profit every year since inception.

To access rating and relevant documents, click here.

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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003165

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