Mortgage Industry Advisory Corporation (MIAC) is pleased to solicit offers for a warehouse facility for a Non-Bank Originator of Residential and Commercial Mortgages.

The Originator is headquartered in Sydney Australia with production coming from the major cities on the East Coast of Australia being Sydney and Melbourne.

The Client originates approximately AU$1b of mortgages per year. Approximately 20% of this volume is Non-Agency – in domestic terminology. The Financing request is for this AU$200mm per year, expected to grow to AU$400mm per year over the next 12 months. On offer is an additional ~ AU$100mm per year in Personal Guarantee commercial loans of similar quality secured by commercial real estate. The exit for the collateral is bulk sales to a third party or sale to a warehouse lender.

  • The short-term exit for the collateral is bulk sales to a third party or sale to a warehouse lender. Securitization in on the roadmap as a longer-term exit strategy.
  • The underwriting is very similar to domestic full doc and highest quality Non-QM
  • Credit underwriting is tighter than Agency guides
  • Terms are typically 1-5 year ARMs with monthly adjustments
  • Origination is 85% New South Wales Metro, 6% Victoria, 7% Queensland
  • Client is willing to provide usual and customary reps

Key Collateral Information:

  • 42% Self Employed, 58% PAYG borrowers
  • Borrowers are largely professionals in the medical and high net worth space
  • Average UPB: AU$803,000
  • WAC: 4.35%
  • WA LTV 74%

Find out more

Learn more about MIAC Whole Loan Sales & Brokerage

Contact

For more information about this transaction, contact your MIAC sales representative at (212) 233 – 1250

Steve Harris
Managing Director, MIAC Capital Markets
(908) 400-2615

Steve.Harris@miacanalytics.com

Brendan Teeley
SVP, Whole Loan Sales, Trading
(646) 315-9221

Brendan.Teeley@miacanalytics.com