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07.03.25 - 17:33
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KBRA Assigns Preliminary Rating to FNA 8, LLC (Business Wire)
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NEW YORK--(BUSINESS WIRE)--#creditratingagency--KBRA assigns a preliminary rating to one class of notes issued by FNA 8, LLC (FNA 8), a $242.7 million property tax lien ABS transaction. FNA 8 represents the Company's sixth public tax lien ABS securitization. Proceeds from the Notes will be used to acquire a portfolio of 6,251 property tax lien assets from municipalities within 11 states, including Texas (68.4%), Illinois (9.4%), and New Jersey (7.8%), with a redemptive value of approximately $140.1 million (the Initial Tax Liens) and a weighted average original lien rate of 10.5%.
First National Holdings II, LLC (FNH or the Company) was founded in 2004 and is a specialty finance holding company that purchases real estate tax liens from government entities. FNH is an affiliate of ArrowMark Partners, an asset management company with approximately $21 billion assets under management. FNH's current portfolio spans 13 states and totals approximately $378.0 million as of February 2025. FNH is the holding comp...
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