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 | Chicago, IL
312.263.6410 |
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Product Overview
| Barriers to entry make small balance commercial loans a new asset class for most investors. The ICA team, with over 80 years of combined experience, provides economic access to this market.
Through conservative underwriting and broad diversification, ICA Loan Trusts deliver secure, low risk exposure to the small balance commercial mortgage market.
ICA Loan Trusts produce 50-150 basis points of incremental yield, net of fees, versus readily available public market alternatives
Each individual loan in ICA Loan Trusts has 100% yield maintenance provisions to ensure superior convexity through locked in cash flows
- ICA's Loan Trusts have a 6-7.5 year duration
- ICA has developed a 3-5 year duration product which is available for investors as of 6/04
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ICA provides monthly reports to its clients which are available online through its web site
Information regarding ICA's most recent trusts are provided in the table below:
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TRUST SUMMARY
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2007-2
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2007-3
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2007-4
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2008-1
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Original Trust Pool Size
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$17mm
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$20.5mm
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$22.5mm
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$18.25mm
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Date Originated
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5/2007
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9/2007
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12/2007
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03/2008
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Number of Loans
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10
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14
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13
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14
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Number of States
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7
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10
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9
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9
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Delinquency
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0%
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0%
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0%
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0%
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Net Spread to 7-year Treasury
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206
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270
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320
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320
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Net Yield: Bond Equiv.
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6.77%
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6.54%
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6.13%
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6.26%
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Average Loan to Value
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72.40%
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66.30%
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68.20%
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69.60%
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% Yield Maintenance
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100%
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100%
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100%
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100%
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DSC
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1.38
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1.39
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1.43
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1.40
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