May 30, 2018 | San Diego, CA — Goal Structured Solutions, Inc. (GS2) and its wholly owned subsidiary, Turnstile Capital Management, LLC, announced today that it will act as the Administrator and Master Servicer for the $408M student loan securitization by FirstKey Mortgage, LLC (“FirstKey”), a private-label securitization and asset-management firm. The Towd Point Asset Trust 2018-SL1 is the first private student loan asset-backed transaction sponsored by FirstKey.
The transaction was rated by DBRS Inc. and the notes received ratings from AAA to A and are backed by a pool of private student loans acquired from a large bank originator that was the original owner of the loans. “The success of this transaction demonstrates the continued growth in the student loan asset backed market and is an exciting opportunity to add value to our partners, like FirstKey, by bringing proven servicing expertise to the marketplace” stated Matt Myers, Chief Operating Officer of GS2.
The loans are in repayment and predominantly current. GS2, through its subsidiary Turnstile Capital Management LLC, is responsible for managing the loan servicer and the delinquent accounts as well acting in the capacity of administrator to complete accounting and investor reporting functions. “GS2 is focused on leveraging our experience and robust servicing platform to improve portfolio performance for our clients. Our emphasis on analytics, compliance, customer service and the commitment of our employee shareholders are key to our continued growth” stated Ken Ruggiero, GS2’s Chairman and CEO.
About Goal Structured Solutions
Founded in 2001, GS2 is an innovative consumer finance and asset management firm focused on student loans. Our current assets under management total $8.1B and our securitization platform has issued and placed over $12.7B in asset-backed securities. We have invested $200M in over 49 transactions and acquired almost $3.5B worth of assets. Our three lines of business include loan servicing and portfolio management, investing and capital markets advisory, as well as lending through Ascent Student Loans.
About First Key
FirstKey is a private-label securitization and asset-management firm, established in 2013, that securitizes and is the asset manager of assets in the United States and Europe. In the U.S., FirstKey conducts its mortgage loan securitizations using the Towd Point Mortgage Trust (“TPMT”) securitization platform. TPMT has issued 18 rated seasoned mortgage loan transactions with a combined total of approximately $18 billion since 2015. This is FirstKey’s first student loan securitization, which newly created securitization platform called Towd Point Asset Trust (“TPAT”). FirstKey will use TPAT for non-REMIC asset classes such as student loans and consumer loans.
This press release is not an offer to sell, nor a solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Credit Ratings
Credit ratings are opinions of the relevant rating agency. They are not facts and are not opinions of Goal Structured Solutions, Inc. or its subsidiaries or affiliates. They are not recommendations to purchase, sell or hold any securities and can be changed or withdrawn at any time.