A pool of 532 primarily non-qualified mortgages, originated by LoanStream Mortgage and Champions Funding, will secure $230.3 million in mortgage-backed certificates from the PRPM 2025-NQM6 Trust.

Sponsored by PRP VI AIV Holdings, which is also providing the representation and warranty, the deal will issue the debt through 14 tranches of class A, M and B certificates, according to Fitch Ratings. All the notes have a December 2070 legal final maturity date, the rating agency said.

Barclays is the lead underwriter on the deal, for which U.S. Bank National is serving as custodian, the rating agency said.

PRPM 2025-NQM6 will repay certificate holders on a modified sequential-payment basis, and principal will be distributed pro rata among the senior A1 through A3 certificates. Subordinate bonds will not receive any principal until all senior classes are reduced to zero, Fitch said.

Before the mortgages were included in the pool, they received a due diligence review from 11 third-party review firms. On a weighted average (WA) basis, the transaction benefits from 189 basis points in excess cash flow.

The loans have about seven months of seasoning, and an original loan-to-value ratio of 74.2%.

As for the quality of the loans, they have several high-quality characteristics, despite their non-prime status. Almost all the mortgages, 99.8%, are clean current. On a WA basis, they have a model FICO score of 722. A slight majority of the borrowers, 51.8%, are self-employed, and borrowers have reserves of $846,984 on a WA basis.

Almost 60% of the underlying assets are financing a primary residence, while investor properties account for 37.0%.

Fitch assigns AAA to the A1 notes; AA to the A2 notes; A to the A3 notes; BBB- to the M1 notes; BB- to the B1 notes and B to the B2 notes.