OLD GREENWICH, Conn.--(BUSINESS WIRE)--Nov. 15, 2017--
Ellington Financial LLC (NYSE: EFC) ("Ellington Financial" or the
"Company") announced today that it closed a $141.2 million
securitization backed by a pool of non-qualified residential mortgage
(“non-QM”) loans. The non-QM loans were originated by LendSure Mortgage
Corp., a mortgage originator in which Ellington Financial holds a
strategic equity investment.
The Company sold securities in a private placement to institutional
investors and retained certain tranches in order to comply with credit
risk retention rules. The senior tranche of the securitization received
a AAA rating from S&P and Morningstar. The Company also retained the
option to call the outstanding certificates issued by the securitization
at any time following the optional redemption date.
“We are very pleased with the execution of our first securitization of
non-QM loans,” said Larry Penn, Chief Executive Officer of Ellington
Financial. “We view securitization as an important tool to enhance
Ellington Financial’s future earnings and drive growth. The performance
of LendSure’s loan production has been excellent, and we look forward to
growing our relationship.”
About Ellington Financial LLC
Ellington Financial LLC is a specialty finance company that primarily
acquires and manages mortgage-related and consumer-related assets,
including residential mortgage-backed securities, residential and
commercial mortgage loans, consumer loans and asset-backed securities
backed by consumer loans, commercial mortgage-backed securities, real
property, and mortgage-related derivatives. The Company also invests in
corporate debt and equity, including distressed debt, collateralized
loan obligations, non-mortgage-related derivatives, and other financial
assets, including private debt and equity investments in
mortgage-related entities. Ellington Financial LLC is externally managed
and advised by Ellington Financial Management LLC, an affiliate of
Ellington Management Group, L.L.C.
About LendSure Mortgage Corp.
LendSure is a privately held financial services company primarily
engaged in the origination of residential mortgage loans. LendSure is
led by a team of seasoned mortgage professionals who have many years of
experience in the mortgage industry. LendSure is currently licensed (or
not required to be licensed) to originate mortgage loans in nineteen
states, and operates primarily on a wholesale basis. LendSure was
founded in March 2015 and maintains its corporate headquarters in San
Diego, CA.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171115006330/en/
Source: Ellington Financial LLC
Investors:
Ellington Financial LLC
Maria Cozine, Vice
President of Investor Relations
or
Lisa Mumford, Chief
Financial Officer
203-409-3575
info@ellingtonfinancial.com
or
Media:
Gasthalter
& Co., for Ellington Financial LLC
Amanda Klein or Kevin
Fitzgerald, 212-257-4170
Ellington@gasthalter.com.