KBRA Assigns Preliminary Ratings to GreenSky Home Improvement Issuer Trust 2026-A
KBRA assigns preliminary ratings to five classes of notes issued by GreenSky Home Improvement Issuer Trust 2026-A ("GSKY 2026-A"), an asset-backed securitization collateralized by a pool of consumer loans used for home improvements.
GSKY 2026-A represents the eleventh rated 144A securitization of home improvement loans originated through the lending program administered by GreenSky, LLC (“GreenSky” or the “Company”) on behalf of federally-insured, federal or state chartered lenders in connection with the lenders’ origination of consumer loans through a network of merchants (the “GreenSky Program”) and the seventh securitization issued under the GreenSky Home Improvement Issuer Trust (GSKY) shelf.
GSKY 2026-A will issue five classes (seven tranches) of notes totaling $700.0 million, collateralized by 100% of economic participation interests (the "Participations") in a pool of approximately $760.9 million consumer loans used to finance home improvement products and services originated by Pinnacle Bank d/b/a Synovus Bank and Comenity Capital Bank (the "Approved Origination Partners") under the GreenSky Program. A portion of the collateral supporting the transaction includes Participations in "Open Purchase Window Loans", which are loans that have a remaining "purchase window" during which the related borrower is permitted to draw-down additional funds available under the related loan documents, up to a maximum amount.
