UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM ABS-15G
ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934
Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:
____ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period
____________________ to ___________________
Date of Report (Date of earliest event reported) _____________________________
Commission File Number of securitizer: ____________________________
Central Index Key Number of securitizer: ___________________________
_______________________________________________________________________
Name and telephone number, including
area code, of the person to
contact in connection with this filing.
Indicate by check mark whether the securitizer has no activity
to report for the initial period pursuant to Rule 15Ga-1(c)(1) ¨
Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i)
¨
Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii)
¨
__X__ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)
Commission File Number of securitizer: Not applicable
Central Index Key Number of securitizer: 0001649545
Access Point Funding I 2017-A, LLC
(Exact name of issuing entity as specified in its charter)
Central Index Key Number of issuing entity (if applicable):
Not Applicable
Central Index Key Number of underwriter (if applicable): Not Applicable
John E. Patton
Phone: 404-382-9588
Email: jpatton@accesspointfinancial.com
Name and telephone number, including area
code, of the person to
contact in connection with this filing
Item 2.01 | Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer. |
Attached as Exhibit 99.1 hereto is an agreed upon procedures report, dated October 30, 2017, of Deloitte & Touche LLP, obtained by the securitizer, which report sets forth the findings of Deloitte & Touche LLP.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ACCESS POINT FINANCIAL, INC.
(Securitizer)
By: /s/ John E. Patton
Name: John E. Patton
Title: Chief Financial Officer |
Date: November 3, 2017
Exhibit 99.1
Deloitte & Touche LLP Suite 400 Harborside Plaza 10 Jersey City, NJ 07311 USA Tel: +1 212 937 8200 Fax: +1 212 937 8298 www.deloitte.com |
Access Point Financial Inc. One Ravinia Drive, 9th Floor Atlanta, Georgia 30346 |
Independent Accountants’ Report
on Applying Agreed-Upon Procedures
We have performed the procedures described below, which were agreed to by Access Point Financial Inc. (the “Company”) and Credit Suisse Securities (USA) LLC and KeyBanc Capital Markets Inc. (collectively, the “Other Specified Parties” and, together with the Company, the “Specified Users”) related to their evaluation of certain information with respect to a portfolio of hospitality receivables in connection with the proposed offering of Access Point Funding I 2017-A, LLC, Asset Backed Notes, Series 2017-A.
The Company is responsible for the information provided to us, including the information set forth in the Statistical Loan File (as defined herein). The sufficiency of these procedures is solely the responsibility of the Specified Users of this report. Consequently, we make no representations regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.
Agreed-Upon Procedures
On October 11, 2017, representatives of the Company, provided us with a computer-generated data file and related record layout (the “Statistical Loan File”) containing data, as represented to us by the Company, as of the close of business on August 31, 2017, with respect to 141 hospitality loans.
At your instruction, we selected the 50 largest loans (the “Sample Loans”) based on the current unpaid principal balance field set forth on the Statistical Loan File and performed certain comparisons and recomputations relating to the loan characteristics (the “Characteristics”) set forth on the Statistical Loan File and indicated below.
Characteristics
1. Loan number (for informational purpose only) 2. Note date (month and year) 3. Original commitment amount 4. Interest rate type (fixed/variable) 5. Interest rate 6. Interest only flag (yes/no) 7. Maturity date (month and year) 8. Original amortization term (months) 9. Original term to maturity (months) 10. Original interest only term (months)* |
11. First payment due date (month and year)* 12. Current unpaid principal balance 13. Obligor name 14. City 15. State 16. Franchisor name 17. Brand 18. Closing date (month and year) 19. Interest only end date (month and year)*
|
* If applicable
Member of Deloitte Touche Tohmatsu Limited |
We compared Characteristics 2. through. 10. to the corresponding information set forth on or derived from the respective Promissory Note or amendments to the Promissory Note (collectively, the “Note”); Characteristics 11. and 12. to the Company’s servicer system that we accessed on October 12, 2017 and October 13, 2017 (the “Servicer System”) or servicer system screen shots, provided to us by the Company, (the “Servicing System Screen Shots”); Characteristics 13. through 15. to the “UW Memo;” Characteristics 16. and 17. to the UW Memo, Equipment Loan and Security Agreement or Loan Modification Memo (collectively, the “Franchisor Documentation”) and Characteristic 18. to the “Closing Statement.”
With respect to our comparison of Characteristic 19., we were instructed to recompute the interest only end date by subtracting (a) the original amortization term from (b) the maturity date (each as set forth on the Note).
The loan documents described above, including any information obtained from the servicer system, and any other related documents used in support of the Characteristics that were provided to us by representatives of the Company are collectively referred to hereinafter as the “Loan Documents.” We were not requested to perform, and we did not perform, any procedures with respect to the preparation or verification of any of the information set forth on the Loan Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our comparisons and recomputations were made using data imaged facsimiles or photocopies of the Loan Documents. In addition, we make no representations as to whether the Loan Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the corresponding Sample Loans.
Agreed-Upon Procedures’ Findings
The results of the foregoing procedures indicated that the Characteristics set forth on the Statistical Loan File were found to be in agreement with the above mentioned Loan Documents, except as set forth on the attached Appendix A. Supplemental information is contained on Appendix B.
******
We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the loans underlying the Statistical Loan File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the loans or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.
It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to the date of this report.
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or review in accordance with attestation standards established by the American Institute of Certified Public Accountants, the objective of which would be the expression of an opinion or conclusion, respectively, on the accompanying information. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.
This report is intended solely for your information and use as the Specified Users and is not intended to be and should not be used by anyone other than these Specified Users. It is not to be distributed, circulated, quoted or otherwise referred to for any other purpose, nor is it to be filed with or referred to in whole or in part in any other document.
Yours truly,
/s/ Deloitte & Touche LLP
October 30, 2017
Appendix A to Independent Accountants’ Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated October 30, 2017.
In applying our agreed-upon procedures as outlined above, we observed the following:
Exception Description Number |
Exception Description |
1 | One difference in first payment due date. |
2 | One difference in interest only end date. |
The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.
Appendix B to Independent Accountants’ Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated October 30, 2017
Supplemental Information Related to the Findings Set Forth on Appendix A
Exception |
Sample Loan |
Characteristic |
Characteristic set |
Characteristic set |
1 | 7038701 | First payment due date | 2/2016 | 4/2016 |
2 | 178 | Interest only end date | 10/2018 | 11/2018 |
The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.