Articles from SR Alternative Credit, LLC

SR Alternative Credit provided $20 million in the form of a senior secured revolving-to-term credit facility to a specialty finance company that purchases and services seasoned subprime auto receivables backed by used vehicles. The facility is secured by a first lien perfected security interest in receivables originated by the borrower.

SR Alternative Credit, LLC (“SRAC”), formerly Old Hill Partners, today announced a $4 million investment in a micro-securitization of tenant lease contracts originated by a leading proptech company dedicated to improving the residential lease market for both landlords and tenants. The company enters into bulk master lease contracts with owners of rental properties and subleases the underlying units to tenants through its AI-powered app. The securitization includes several structural enhancements and protections, including a back-up administrator, strong tenant credit profiles, a landlord payment reserve and material subordination. This is the first such securitization completed by the company and SRAC was the sole investor.

SR Alternative Credit, LLC (“SRAC”), formerly Old Hill Partners, today announced a deal that provided $10 million in the form of a senior secured one-year term loan to a company that acquires and leases standard 20- and 40-foot shipping containers, among other transportation equipment. This is the third transaction for SRAC with this borrower. The company’s lessees include shippers with trade routes primarily in Southeast Asia and other regional routes. Security for the loan consists of the new containers, the leases, receivables from the leases, assignment of the management agreements, a lockbox for manager payments, a stock pledge of the borrower and guarantees.