Saluda Grade Alternative Mortgage Trust 2025-RRTL1

October 30, 2025

Saluda Grade Alternative Mortgage Trust 2025-RRTL1 a $200 Million Residential Transition Loan Securitization

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October 30, 2025 – Saluda Grade (SG) has closed Saluda Grade Alternative Mortgage Trust 2025-RRTL1 a $200 million securitization backed by a revolving pool of residential transition loans (RTLs). This marks the first rated RTL securitization issued by the GRADE shelf, and the sixteenth overall RTL deal to close.

Morningstar DBRS provided a credit rating for the securitization. Wilmington Savings Fund Society was hired as indenture trustee, note registrar, paying agent, and custodian. Loan servicing is provided by a diverse set of servicers, with GLS Solutions serving as the master servicer (a majority owned servicing subsidiary of Saluda Grade).

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Key structural strengths include:

  • Loan Type: the underlying loans are short-term, interest-only bridge, construction, and renovation loans originated to professional real estate investors
  • Initial Collateral Pool: comprised of 256 loans with a total unpaid principal balance of approximately $125.1 million, supported by $84.9 million in the Reinvestment Account, and $750 thousand in the Interest Reserve Account
  • Revolving Period: the structure permits additional loans to be added during a two-year revolving period, subject to stringent eligibility criteria and concentration limits
  • Credit analysis: each additional loan must satisfy a minimum weighted-average FICO of 735, maximum weighted average loan-to-cost (LTC) of 83.0%, a maximum loan-to-after-repair-value (LTARV) of 67.5%, and more
  • Third-Party Due Diligence Review (TPR): each loan received credit, property valuation, documentation, and data integrity reviews. All additional loans require TPR by an eligible vendor
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This announcement is not a recommendation, offer or solicitation and there is risk investing in the Trust. Past performance is not indicative of future results.

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