Securitization Bootcamp - Learn by Doing a Live Deal w Excel Modeling
’Must-have' skills for junior bankers, new investors, & FinTech operators. Structure, model (from scratch) & execute a simulated deal.
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Why you should take this course
Securitization is an exciting & lucrative field, but can seem intimidating - especially if learning 'on-the-fly' at work or from a textbook.
The truth is – securitization is not difficult to learn. It’s just rarely properly taught. This course de-mystifies securitization & gives you 'hands-on' experience to accelerate your career.
In a simulated deal, we play the role of an Investor buying auto loans from a FinTech Lender. We need a +10% return - but find buying unlevered auto loans doesn't get us there!
Using securitization, we structure a deal that works for us (+10% IRR), bankers, & FinTech Lender!
Who this course is for
01
Securitization Banking Analysts: Gain "job-ready" practical skills critical to success. Build a comprehensive excel model from scratch.
02
New Investors: Generate outsized risk-adjusted returns - based on cash flows. Use securitization to structure a bespoke investment.
03
FinTech Operators: Raise non-dilutive capital using securitization. Gain an "inside view" of how securitization investors think.
What you’ll get out of this course
A deep understanding of securitization concepts, structure, & deal economics
- How to use securitization to boost returns, mitigate risk, & raise non-dilutive capital
- Anatomy of a securitization structure, process, & parties
- Using Bankruptcy Remote SPVs to mitigate counterparty risk
- Protecting your $ investment using credit enhancements & triggers
"Job-ready" practical skills needed to efficiently execute
- Perform static pool analysis; build custom loss assumption curves
- Project asset cash flows & loan amortization schedules.
- Calculate unlevered & levered IRRs,
- Break-Even Analysis, Return Sensitivity
- Term Sheet Review
Technical skills to build a securitization model from scratch in Excel
- Build a 'from-scratch' excel securitization model to deeply understand structure, economics, & return profiles
- Use model to audit Term Sheet's waterfall
- Create dynamic visualizations that "tell the story"
"An Inside View" from different vantage points
- Experience a lender-investor term sheet negotiation through our simulated deal
- Explore the vantage points of the Investor (ABS equity), the Banker (ABS Debt Provider), and the asset originator (FinTech Lender)
What’s included
Live sessions
Learn directly from Zach Bolster in a real-time, interactive format.
Lifetime access
Go back to course content and recordings whenever you need to.
Community of peers
Stay accountable and share insights with like-minded professionals.
Certificate of completion
Share your new skills with your employer or on LinkedIn.
Maven Guarantee
This course is backed by the Maven Guarantee. Students are eligible for a full refund up until the halfway point of the course.
Course syllabus
Week 1
01 - The Challenge: Can investing in auto loans provide a 10% return?
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02 - A Banker Proposes Securitization Leverage To Boost Returns. Good Idea?
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03-Reviewing the ABS Debt Term Sheet
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04 - Modeling The ABS Debt Term Sheet & Residual Certificate Cash Flows
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05 - Tweaking The Securitization Structure To Boost Returns on Residual Cert
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06 - Historical Performance Analysis of Auto Loans - Static Pools
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07 - Creating Loss, Prepay, & Recovery Assumption Curves
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08 - Modeling Cash Flows Reflecting Prepayments, Defaults, Recoveries
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09 - Modeling The Updated Term Sheet
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10 - Adjusting the Structure To Boost Returns, Reviewing Comps, & Stress Testing
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Meet your instructor
Zach Bolster
Zach Bolster
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 love teaching securitization and I’m thrilled to host this course.
Investor Experience:
-Apollo (Managing Director- Alternative Investments Team);
-Waterfall (Principal Finance / FinTech Warehouse Lending).
Banking Experience:
Wells Fargo Resi Mortgage Team
Wachovia Consumer ABS Team
Issuer Experience:
GoodLeap Capital Markets Team
Consulting Experience:
Golden Sun Advisors LLC
Personal:
I live in Santa Monica with my two young kids and wife.
I'm co-founder and president of ChemoCars - a nonprofit that's provided over 25,000 free rides to cancer treatment.
I'm passionate about helping people and working to solve important problems.
Course schedule
4-6 hours per week
Mondays, Tuesdays & Thursdays
Class is comprised of 3 classes that are 1.5-2 hours long. A 4th class will be optional to cover student Q&A and deep dives.
Learning is better with cohorts
Active hands-on learning
This course builds on live workshops and hands-on projects
Interactive and project-based
You’ll be interacting with other learners through breakout rooms and project teams
Learn with a cohort of peers
Join a community of like-minded people who want to learn and grow alongside you