NMEF 2023-A is backed by a pool of equipment loans and leases (equipment contracts). The statistical discounted pool balance totals $388.65 million and represents the projected cash flows of the equipment contracts discounted at a rate of 8.25%. As of the initial cutoff date, the discounted contract value will be at least $388.65 million and the initial pool characteristics are expected to be substantially similar to the statistical pool. The total collateral may increase by up to $68.59 million (15% of the collateral balance) through the addition of equipment contracts during the three-month prefunding period.
NMEF 2023-A will issue five classes of notes, including a short-term tranche. Credit enhancement includes a reserve account, overcollateralization and subordination for senior classes. The overcollateralization is subject to a target equal to 18.25% of the current pool balance and a floor equal to 0.5% of the initial pool balance, accounting for any prefunding that occurs. The reserve account is funded at 1% of the initial pool balance, including the maximum amount of prefunding, and is non-amortizing.
I wanted to personally thank the equipment finance industry for its continued support of the association. The board of directors and my team work tremendously hard to serve the needs of our members. First and foremost, the National Equipment Finance... read more
Monitor’s 2023 Bank 50 companies reported $292,971.5 million in 2022 net assets, a $23,178.0 million (8.6%) increase from $269,793.5 reported in 2021. The group also saw growth in originations, reporting a $9,468.8 million (10.2%) increase from $92,923.6 million in 2021... read more