PRMI Securitization Trust 2023-CMG1: Presale Report

DBRS, Inc. (DBRS Morningstar) assigned provisional credit ratings to PRMI Securitization Trust 2023-CMG1 (PRMI 2023-CMG1 or the Trust), a securitization of a portfolio of newly originated, performing, adjustable-rate, fully amortizing, interest-only (IO), open-ended, revolving first-lien line of credit (LOC) loans funded by the issuance of mortgage-backed notes (the Notes). The Notes are backed by 772 LOC loans with a total unpaid principal balance (UPB) of $322,086,941 and a total current credit limit of $405,817,136 as of the Cut-Off Date1 (September 30, 2023).