TRTX 2019-FL3 Issuer, Ltd.: Presale Report

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the following classes of Notes to be issued by TRTX 2019-FL3 Issuer, Ltd.

The initial collateral consists of 22 floating-rate mortgage loans secured by 98 mostly transitional real estate properties, with a cut-off pool balance totaling more than $1.2 billion, excluding approximately $231.8 million of future funding commitments. Most loans are in a period of transition with plans to stabilize and improve the asset value. During the Permitted Funded Companion Participation Acquisition Period, the Issuer may acquire future funding commitments and additional eligible loans subject to the Eligibility Criteria. The transaction stipulates a $5.0 million threshold on pari passu acquisitions before a rating agency confirmation is required if there is already a participation of the underlying loan in the trust.