NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to two classes of notes issued by Alterna Funding III, LLC (Alterna 2024-1), an $184.849 million property tax lien ABS transaction. Proceeds from the Notes will be used to acquire a portfolio of 15,643 property tax liens from municipalities from eight states and Washington D.C., including Florida (33.1%), New Jersey (20.5%), and New York (14.8%) with a redemptive value of approximately $119.6 million (the Initial Tax Liens) and a weighted average original lien rate of 12.2%. The Initial Tax Liens have been purchased by Alterna Tax Certificate Fund II, LP (the Seller), an affiliate of the Company, and will be contributed by the Seller to the Issuer at closing. The Seller is the sponsor of the transaction and will retain 100% of the transaction equity at closing.

Alterna Tax Asset Group, LLC (ATAG, the Company or the Manager) or its affiliates, founded in 2007, is a specialty finance company that services real estate tax liens purchased from government entities or third parties. The Company is comprised of nine individuals with headquarters in Plantation, Florida. As of April 15, 2024, ATAG has acquired over $1.35 billion in tax liens since inception, of which approximately $131 million are outstanding.

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