BXG Receivables Note Trust 2023-A: Presale Report
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Summary
DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the BXG Receivables Note Trust 2023-A (BXG 2023-A) as listed. BXG 2023-A primarily consists of a pool of timeshare loans originated by Bluegreen Vacations Corporation or Bluegreen Properties N.V. (together, Bluegreen or the Company), each evidenced by a promissory note and secured by a first mortgage on a fractional fee-simple timeshare interest in a residential unit or an undivided interest in a Bluegreen resort associated with a residential unit and a pool of timeshare loans each secured by shares of the timeshare cooperative association at La Cabana Resort in Aruba (each a Timeshare Loan). The BXG 2023-A transaction represents the 17th term asset-backed security (ABS) transaction for Bluegreen since 2002, resulting in the issuance of approximately $2.2 billion of term ABS. The Company has completed ten transactions with senior and subordinate rated securities since 2008, and BXG 2023-A offers both senior and subordinate rated securities.