Asset Based Lending closes $200M securitization

Asset Based Lending (ABL), a private real estate lender, announced on Tuesday that it closed a $200 million securitization, its largest to date, backed by business-purpose residential real estate loans, including a significant concentration of ground-up construction loans. The transaction, ABL 2026 RTL-1, priced Oct. 15 and closed Oct. 26. It marks the company’s fourth unrated securitization and brings its cumulative securitization volume to $723 million. Up to 65% of the collateral pool is eligible to consist of ground-up infill construction loans, a segment that has been central to ABL’s lending strategy since 2014. Heightened scrutiny and volatility The transaction came amid volatility in the securitization market and increased investor scrutiny of credit risk, said Daniel Gotay, ABL’s head of capital markets. Despite these conditions, the company secured what he described as some of the tightest pricing levels for an unrated issuer. “What is most exciting about this one is that we’re not just doing our fourth, but that the market was a tricky market this time around,” Gotay said in an interview with HousingWire. “For us to execute at one of the sharpest levels for an unrated is...