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Point completes $508.6M HEI securitization, largest in the category

The July 15 deal priced through Point Securitization Trust 2026-2 and narrowed BB low spreads by more than 220 basis points versus a February transaction.

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Point completed a $508.6 million rated home equity investment, or HEI, asset-backed securitization that closed July 15, described by the company as the largest transaction in the HEI market to date. HousingWire reports it was Point’s eighth rated securitization overall and its second deal in 2026.

The offering drew more than 30 institutional investors, including eight first-time investors using Point’s platform. Point said funding costs declined materially from its prior securitization completed in February, with spreads on BB low bonds tightening by more than 220 basis points.

The securities were issued through Point Securitization Trust 2026-2 and received ratings from Morningstar DBRS. The structure included $328.6 million of senior Class A-1 notes rated A low (sf), $70.7 million of Class A-2 notes rated BBB low (sf), $44.5 million of Class B-1 notes rated BB low (sf), and $64.8 million of retained Class B-2 notes rated B (sf).

Point originated all HEIs in the transaction and will continue servicing the assets, according to HousingWire. The collateral was contributed by eight purchasers on Point’s platform, including Tacora Capital Management and Deer Park Road Management.

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