Securitization Accelerator

Get up to speed in just 5 hours

  • Step-by-step videos of a simulated securitization deal
  • Master concepts, terminology, & deal process
  • Build an Excel model from scratch
  • Deeply understand the numbers/structures
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Why you should take this course

This course demystifies securitization & gives you the skills to hit the ground running.
  • Accelerated learning: In ~5 hours gain hands-on experience and real-world context through a simulated deal.
  • Practical skills:  You will apply concepts learned directly to 'on-the-job' situations / deliverables.
  • Build confidence:  By mastering the terminology, structures, & numbers, you will have the confidence to execute.
  • Expert-led, practical learning:  Taught by an instructor with ~20 yrs  experience (sell-side Analyst 1 to buy-side MD).
  • 30-day money back guarantee: We’re so confident that this is the most practical and effective program it comes with an unconditional money-back guarantee for 30 days.

Land the job.  Execute. Get promoted.

Who should take this course?

Incoming Analysts


  • Hit the ground running with "job-ready" skills crucial to success.
  • Master terminology, concepts, & structure.
  • Build a comprehensive Excel model from scratch.

Investors New To ABS


  • Learn how to analyze and stress-test ABS investments.
  • Generate outsized risk-adjusted returns - based on cash flows.
  • Use securitization to structure bespoke investments.

FinTech Operators


  • Gain an "inside view" of how securitization investors think.
  • Learn how to use securitization to raise non-dilutive capital.

Fast Track Your Securitization Career

Self-Study Video Course

$500 USD

one-time payment

  • 5+ hours of world-class video content.

  • Comprehensive Securitization Model in Excel.

  • 30-day money-back guarantee. 

  • "Assumption Curve Creator" Excel tool to create custom default, prepay curves.

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Frequently Asked Questions

Not Sure If This Course Is Right For You?

Unlock FREE Access to 7 Course Videos!

Accelerate Your Securitization Career with Our Step-by-Step Course!

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Course Syllabus

The Challenge: Can investing auto loans provide a 10% return?

  • We assume the role of an analyst at a buy-side firm that has a 10% return hurdle.
  • Our boss connects us with a banker pitching us auto loans.
  • We learn basics of auto loans, overview of the non-bank lending companies that originate of auto loans.
  • Use excel to calc the monthly loan payment & amortization schedule.
  • IRR from sched cash flows = coupon

Banker proposes Securitization Leverage to Boost Returns. Is it a good deal?

  • Explanation of levered vs. unlevered returns
  • Banker offers us securitization debt to boost levered returns
  • Overview of ABS Debt vs. ABS Equity (Resid)
  • Why does a banker want to lend to a BK Remote SPV?
  • Banker sends Initial Term Sheet. We review and model cash flow waterfall.
  • Calculate residual cash flows
  • Analysis Resid IRR, MOIC, ongoing leverage

How can we change the structure to our benefit?

  • Why are the returns on our Resid so bad?
  • What is Turbo amortization?
  • How can we change structure to our benefit?
  • Crafting a counter-proposal to banker
  • Banker's counter to our counter!
  • Introduction to Securitization Triggers
  • Analyzing historical loan performance using static pools
  • Creating assumptions curves (e.g. default, prepay, recovery)

Time to get real! Projecting cash flows reflecting performance curves (default, prepay, recovery)

  • Review the updated term sheet and structure. Update model accordingly
  • Project cash flows that reflect our custom performance assumptions
  • Pass loss-adjusted cash flows through the model's latest structural waterfall
  • Calculate triggers and compliance tests
  • Update analysis of Resid's return profile

Can this deal be saved?

  • We research comparable transactions to validate pricing
  • Although there is no perfect comp, we get several indications that we are not getting a good deal
  • Show results to bankers and demand better pricing
  • Banker compares comps vs. our trade and explains nuances between deals
  • Banker provides "best and final"

Summarizing The Deal and Fielding Questions

  • Update the model to reflect the banker's "best and final" offer.
  • We summarize transactions to the boss and convey base case returns on our investment - the auto loan Resid
  • Boss requests i) break-even returns; ii) upside returns
  • We calculate banker's "write-down scenario" - at the loss level that impairs the bankers' ABS Debt

Not sure if this video course is right for you? 

Unlock FREE Access to 7 Course Videos!

Accelerate Your Securitization Career with Our Step-by-Step Course!

GET INSTANT ACCESS

I'm Zach Bolster, Lead Instructor

I've worked in securitization since 2004 as a banker, investor, & capital markets consultant to FinTech Lenders. Over the years, I've trained interns, analysts, and "first-time securitizers".  I'm thrilled to be teaching securitization.  

Investor Experience:

  • Apollo (MD- Alternatives)
  • Waterfall (FinTech Warehouse Lending).

Banking Experience:

  • Wells Fargo RMBS
  • Wachovia Consumer ABS 

About Me:

  • live in Santa Monica with my wife & two young children.
  • I'm co-founder and president of ChemoCars - a nonprofit that's provided over 25,000 free rides to cancer treatment.
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