Marketplace platform Upstart, has completed its 20th securitisation, and the 9th through its Master Trust.
$64m ABS issued by Upstart Pass-Through Trust, Series 2021-ST3 (, the Issuer, "UPSPT 2021-ST3"). The preliminary rating (by Kroll rating agency) reflects initial credit enhancement of 36.00%, made of :overcollateralization, excess spread and a cash reserve.
The unsecured consumer loans were originated by Cross River Bank and FinWise Bank and sold to Upstart, then onsold, indirectly, to the Trust and then assigned to the Issuer. The Notes were issued to Jefferies who then sold them to investors.
The structure is so convoluted - because of more than usual entities and steps, that it would not be surprising to find that on this transaction, lawyers were paid per document.
source: Kroll
