Saluda Grade Alternative Mortgage Trust Token

Overview

On August 31, 2020, Saluda Grade Asset Management LLC (“Saluda Grade”) closed the largest HELOC securitization (“GRADE 2020-FIG1”) in the US since the Global Financial Crisis of 2007-2008, as well as the largest securitization backed by loans originated, serviced, financed, and sold using blockchain technology.

Sponsor and Seller: Saluda Grade Opportunities Fund LLC
Originator and Servicer: Figure Lending LLC
Date: 8/31/2020
Country/Jurisdiction: United States
Size (USD): $308M
Length: N/A
Interest Rate: N/A

While GRADE 2020-1 was issued only 6 months after FLOC 2020-1, the deal achieved a marked improvement in financing terms and gross execution. This was attributed to Figure's automated, data-driven underwriting process, as well as the availability of real-time servicing data that provides instant visibility to collateral performance, according to the whitepaper.