Vontive 2026-RTL1: 277 Flip Loans, 77 Started at C or D

What Vontive filed, and what it is

Vontive, Inc. makes short-term loans to real estate investors. When it packages those loans into bonds, its depositor, Vontive Depositor, LLC (EDGAR CIK 2061381), has to file the findings of any outside reviewer that checked the loans. That is the Form ABS-15G under Rule 15Ga-2 filed October 21, 2026, for the issuing entity “Vontive Sedona Mortgage Trust 2026-RTL1”. The loans are what the filing calls Residential Transition Loans (RTLs): short-term loans on non-owner-occupied houses that investors buy and renovate, usually called fix-and-flip loans. Our fix and flip loans guide explains the product.

Three filings are all that exists under this CIK at November 3, 2026, and none is a loan-level data file (Form ABS-EE) or a prospectus. So this is not the offering document: it does not give the bond sizes, ratings, note rates or the pool's average interest rate. What it gives is how the reviewer graded each file, which is rare for a short-term lender. The reviewer says it is “independent of the originator, issuer, underwriter and servicer of this Securitization”, started in April 2025 and concluded in October 2026, and attests that the review was done without influence from transaction parties. Borrower names, addresses, loan amounts per loan and rates are masked as “Redacted”. The originator named on the note of all 277 loans is Vontive, Inc. (our count).

The grades: final and first look

Setpoint scores every loan on credit and documents and on valuation, then gives an overall grade. Its key: no exceptions is an A, one exception a B, two a C, and three or more a D. The summary report carries two sets of grades, the final ones and the “Initial Findings”, so we can see how many loans needed repair.

Source: Setpoint executive summary (Exhibit 99.1) for the final columns; initial counts are ours from the Initial Findings columns of the summary report (Exhibit 99.3) and match the credit and valuation columns of the initial review report (Exhibit 99.8).

Two readings. First, almost 3 in 10 files were not clean on arrival: 77 loans (27.8%) started at C or D, and all ended at A or B (40 at A, 37 at B, our count). The 41 loans that began at D (14.8%) had three or more exceptions at first look. One example in the conditions report: a loan whose file lacked a credit report for each member and two months of bank statements, both supplied later. Second, the final grade is driven by valuation more than credit: 220 loans (79.42%) have a final credit grade of A, against 178 (64.26%) with a final valuation grade of A. By loan amount, valuation A covers 83.88% of the dollars, so an A valuation is more common on the larger loans (our reading).

How the valuation was made also matters to a borrower: Setpoint counts the origination valuation by type.

Source: Setpoint executive summary (Exhibit 99.1).

A broker price opinion, a cheaper opinion of value that is not an appraisal, supports one loan in three. Setpoint's credit review step reads “Confirm the presence of a complete appraisal report and supporting secondary independent estimate of value, which must have a variance of less than 10% of the original valuation product”, so the file needs two value opinions that agree.

What went wrong at first look

Exhibit 99.8 is Setpoint's initial review. Each loan has a count of exceptions in four buckets, and the table below adds them up (our arithmetic).

Source: Setpoint initial review report (Exhibit 99.8); sums and shares are our arithmetic.

The data bucket is the biggest and the least serious. Setpoint “cross-validated all fields from the loan tapes against Client-provided source documents”, and the fields that disagreed with the file most often were the borrower experience number (126 loans, 45.5%), the settlement date (111, 40.1%), the origination date (49, 17.7%), the FICO score used (30, 10.8%) and the purchase date (30, 10.8%). The property type disagreed on 24 loans and the number of units on 17. After tie-out, the file and the tape match on every loan. A borrower who sees a wrong date or unit count on a closing package should have it fixed, because the lender's own data is audited against it.

The conditions report lists what the reviewer asked Vontive to supply or approve: 469 conditions on 174 loans (62.8%). 404 were cleared (86.1%) and 65 waived (13.9%). By type, 301 were documents, 101 guidelines and 67 data corrections. The documents most often missing or wrong were the repair budget (36 conditions), the note (33), the final settlement statement (25), asset documentation (18) and the certificate of business purpose and non-owner occupancy (17). The median condition was resolved in 3 days and 353 (75.3%) within 7 days; a few ran for months (the longest, 398 days). One loan had 22 conditions, and 19 loans had five or more.

Where Vontive made exceptions

A waiver means a loan did not meet one of Vontive's own underwriting tests, and Vontive approved it anyway with “compensating factors”. The summary report shows each test as PASS or WAIVED, and Exhibit 99.5 lists the waivers with Vontive's reason.

Source: Setpoint waivers report (Exhibit 99.5) and summary report (Exhibit 99.3); counts and shares are our arithmetic.

The reasons are written in plain words. One reads “Per vontive- Made an exception to Term due to borrower experience and size of deal”; another, “Per Vontive exception made due to borrower high FICO and high liquidity”; a third, “Per Vontive- Made an exception to LTC due to the MSA”. Across the 65 comments, 32 mention FICO, 19 experience, 16 liquidity, 12 location and 7 the metro area (MSA) (our count; a comment can name several). In plain terms, by Vontive's own comments, exceptions went to experienced, high-score, cash-rich borrowers in markets Vontive likes. Vontive also overrode the renovation type to Light on 7 loans, for example where the rehab budget was low or the added living area came from finishing an existing space.

The overall mix is not a high-risk one on paper. The qualifying FICO score ranges from 661 to 850, with a median of 774 (25th percentile 743, 75th 801). The guarantors report shows 345 guarantor rows (277 primary): no bankruptcy and no felony flag, 1 foreclosure flag, 1 lien or judgment flag, and an OFAC memo of Clear on all. Where a borrower experience number is stated (239 loans), the median is 7 prior deals; 44 loans have 2 or fewer and 109 have 10 or more.

What every note says

Because the originator is the same, the terms are the same. Setpoint's tie-out report reads these off each note.

Source: Setpoint tie-out report (Exhibit 99.2), one row per loan; counts and shares are our arithmetic.

The 18.00% default rate is the number to remember. If a 12-month loan is not repaid on time and no extension is signed, there is nothing built in to stop that rate, since no note has an extension option. As an illustration (our arithmetic), the average loan in this deal is $168,740,007.60 divided by 277, or $609,169.70. Eighteen percent a year on that amount is $9,137.55 per month on a 30/360 basis (the accrual basis in the notes), whatever the note rate is, because the rate before default is masked. Loan amounts may include rehab money not yet drawn, so the interest on the drawn balance would be lower. Our page on default interest, points and extensions in SEC filings shows what public lenders report on the same costs.

The loans themselves

Source: Setpoint summary report (Exhibit 99.3) and tie-out report (Exhibit 99.2); counts and shares are our arithmetic. Property type is the tape field.

Fifty loans have a renovation budget above the purchase price and 41 plan to add 20% or more to the living area, both flagged in the summary report. Washington has 68 loans (24.5%), California 30, Arizona 26, Texas 18, Georgia and Ohio 17 each, Florida 16; the deal has loans in 32 states. The valuation form's occupancy box reads Owner on 54 loans; the filing states that all loans are non-owner occupied business-purpose loans, and we cannot tell from it what that box records.

Payments and repurchases

The payment history exhibit lists 1,052 payments on 122 loans, from June 1, 2025 to September 17, 2026, mostly by authorized ACH (950). 861 (81.8%) posted on the due date, and only 3 more than 30 days after it (our arithmetic). The reconciliation report shows every one of the 122 paid through September 1, 2026. Pay strings are all zeros on 119 loans, and 3 loans show one 30-day delinquency (Max DQ of D30). The filing does not explain why the other 155 loans have no payment history, and it carries no data on loans after September 30, 2026.

For the earlier deal, Vontive Depositor's annual Rule 15Ga-1 report says it “has indicated by check mark that there is no activity for the annual period”, which means no repurchase demands were reported for 2025-RTL1. That is a statement about repurchase requests, not about performance.

How this compares with other 2026 lenders' diligence

Our Verus Securitization Trusts page counted 51.9% of one reviewer's loans starting at C or D for non-QM home loans. Vontive's 27.8% is a different reviewer, a different product (short-term flip loans) and a different grade key, so the two percentages are not a ranking. What they share is the pattern: loans are checked after they are made, files are fixed, and almost none end below B.

What a reader can do with this

1. Prepare the documents Setpoint kept asking for. The repair budget, the note, the final settlement statement, asset statements and the business-purpose certificate led the document conditions. A complete file at the start avoids the 62.8% share of loans with at least one condition.
2. Read the extension and default terms before you sign. In this deal, 18.00% default interest and a 10% late fee are on every note and no loan has a built-in extension. Ask for the extension price in writing, in dollars, for your term (12 months on 73.3% of these loans).
3. Know what earns an exception. The waiver comments cite experience, FICO, cash reserves and the metro area. Most guarantors in this table score high: 217 of 277 at 740 or higher, and 11 under 700.
4. Compare more than the rate. The tape fields that disagreed most often were dates and borrower experience. Check your own closing package against your contract. See our best fix and flip lender 2026 ranking for how public lenders compare.
5. If you hold a bond from a Vontive deal, this is a reviewer's file check, not a pool report. Ask the sponsor for the offering documents; they are not on EDGAR.

This is analysis of public documents, not investment, legal or tax advice. It does not say that Vontive is a better or worse lender than any other.

Kiavi pays us a referral fee when a loan closes through the button in the box below. The grades, counts and terms above are the same either way, and Vontive is not an affiliate. Visio and Lima One are shown as alternatives.

FAQ

Figures are from Form ABS-15G accessions 0001104659-26-117855 (October 21, 2026, with Setpoint Exhibits 99.1 to 99.10 dated October 16, 2026), 0001104659-26-017628 (February 20, 2026) and 0001104659-25-047231 (May 12, 2025), filed by Vontive Depositor, LLC (CIK 2061381), and the SEC submissions index, all read on November 3, 2026. Counts and shares marked as ours were computed by CrowdfundedWealth from the saved exhibits. Grades are as stated by Setpoint.