Private capital interest in mortgages growing? Angel Oak closes its largest securitization
Earlier this year, Angel Oak Capital Advisors, an investment management firm that specializes in mortgage credit, raised $291 million to invest in mortgages that don’t fit inside the Qualified Mortgage box.
Apparently Angel Oak’s investors aren’t the only ones interested in non-QM loans.
Angel Oak announced this week that it closed its largest securitization to date, a $328.78 million offering comprised largely of non-QM mortgages.
The securitization, AOMT 2018-1, is backed by loans originated by Angel Oak’s three affiliated lenders: Angel Oak Mortgage Solutions, Angel Oak Home Loans, and Angel Oak Prime Bridge.
According to Angel Oak, the deal is comprised of 905 loans that carry an average loan amount of $363,287. Approximately 81% of the underlying loans are non-QM loans, while the rest of the loans are qualified mortgages and mortgages for non-owner occupied properties and foreign nationals not residing in the United States