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.
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