Propel Named Servicer on Record-Setting Tax Lien Securitization
SAN ANTONIO, TX (PRWEB) March 01, 2018 -- Propel Financial Services, LLC was named as the primary servicer and advisor on a $144.4M securitization of over 32,000 property tax liens that priced February 23, 2018. The transaction, TLF National Tax Lien Trust 2017-1, contained two tranches (rated “AAA” (sf) and “A” by Kroll Bond Rating Agency) and achieved record setting low credit spreads for a tax lien securitization sponsored by a private company.
Jack Nelson, Propel’s co-founder and CEO, remarked “This was a tremendous outcome for our client. We expect to achieve many future successes for our clients as we continue to grow our loan servicing portfolio.”
Guggenheim Securities served as Sole Structuring Advisor and Sole Bookrunner on the transaction, which included assets from eight different states. Christina Carney, Propel’s VP of Operations elaborated, “Being named as the servicer of a transaction of this size and complexity is a great testament to the systems, processes and team we have been building for a decade.” This transaction has an expected maturity date of November 2020 and is the second securitization where Propel has been selected as the servicer.
About Propel
Propel was founded in 2007 by its current owners, Red McCombs and Jack Nelson and is headquartered in San Antonio, Texas. Propel has acquired and serviced over $800M in tax liens across 23 states. Propel has long been the market leader in Texas property tax lending industry and has provided $600M in tax loans to over 50,000 Texas property tax owners. In 2016, Propel launched a third-party loan servicing division and has added new clients each year since then.
Christina Carney, Propel Financial Services, +1 2105817709, [email protected]
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