Key facts
- Asset Based Lending closed a $200 million securitization, its largest to date, on October 26, 2026.
- The deal is the company's fourth unrated securitization and brings cumulative volume to $723 million.
- Up to 65% of the collateral pool may consist of ground-up infill construction loans.
- Daniel Gotay said ABL obtained some of the tightest pricing levels for an unrated issuer.
- Gotay said the portfolio has a weighted average credit score of 740 and a weighted average loan-to-value ratio of 64%.
Asset Based Lending, a private real estate lender, said on November 10, 2026, that it closed a $200 million securitization backed by business-purpose residential real estate loans, including a significant share of ground-up construction loans. The transaction, ABL 2026 RTL-1, priced on October 15 and closed on October 26. It is the company's fourth unrated securitization and brings cumulative securitization volume to $723 million.
Up to 65% of the collateral pool may consist of ground-up infill construction loans, a segment ABL said has been central to its lending strategy since 2014. Daniel Gotay, ABL's head of capital markets, said the deal was completed during a period of volatility in the securitization market and increased investor scrutiny of credit risk. He said the company obtained some of the tightest pricing levels for an unrated issuer.
Gotay said investors focused on how lenders would manage credit and construction risks over the next two years, and that ABL held more than 20 virtual investor meetings before the transaction. He said the company services its loans in-house and that its portfolio has a weighted average credit score of 740 and a weighted average loan-to-value ratio of 64%. ABL has kept its weighted average LTV in the low 60% range for much of the past decade, he said, compared with some competing securitizations with LTV ratios in the upper-60% to low-70% range.
Some portions of the transaction were fully subscribed before the deal appeared on Bloomberg, Gotay said, and the offering drew new institutional investors alongside returning buyers. He said international capital, including funds based in the United Kingdom and Japan, is increasingly looking to invest in U.S. asset-backed securities.