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Forbearance SPV Expression of Interest

21 May 2020

The AOFM and ASF are working to finalise arrangements for the creation of a  Forbearance SPV that will be available to mitigate the impacts on securitisation vehicles (specifically those sponsored by smaller lenders) of forbearance arrangements arising from COVID-19 hardship.

In order to identify required detail in support of arrangements for prospective draws for interest forbearance and operational matters with regards to using the Forbearance SPV, the AOFM is seeking Expressions of Interest from SFSF eligible lenders (“Lenders”).

Lenders submitting a Forbearance SPV Expression of Interest (to should indicate each of the following:

  • specific interest for using the Forbearance SPV;
  • the number of related Trusts expected to access the program; and
  • the asset type and assets under management for each Trust, the weighted average interest rate on assets for each Trust (exclusive of principal payments, fees, and other charges), the number and volume of assets currently in COVID-19 hardship for each Trust and the number and volume of assets currently in 30+ and 90+ days arrears for each Trust.  

Supply of this information will not constitute a formal application for use of the SPV, nor will it constitute acceptance into gaining access to support from the Forbearance SPV. Further information as to this process will be provided at a later date.

The AOFM notes that it has previously requested Expressions of Interest relating more broadly to the SFSF. This request for Expressions of Interest is specific to the Forbearance SPV and will not supersede or impede any Expressions of Interest which a Lender may have already submitted to the AOFM.