BRAVO Residential Funding Trust 2021-HE2: Presale Report

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to BRAVO Residential Funding Trust 2021-HE2, a securitization of a portfolio of seasoned first- and junior-lien revolving home equity lines of credit (HELOC) and home equity mortgage loans funded by the issuance of asset-backed notes (the Notes). The Notes are backed by 5,067 HELOCs (including multiple segments of the same loan at different interest rates) and 59 home equity loans with total unpaid principal balances of $291,020,267 and $3,439,554, respectively. The HELOCs have a total current credit limit of $451,071,777 as of the Cut-Off Date (April 30, 2021).