A mortgage-backed bond from RedZed Lending Solutions brings more flavour than usual to the RMBS sector, the A$250 million deal overwhelmingly comprised of low documentation loans.RedZed, founded on the cusp of the late 2000s credit crunch, has persevered in a sector that cleared out smaller operators in the non-conforming loan sector during the GFC. The company is privately owned.A pre-sale report by Standard & Poor's on the RedZed Trust Series 2017-1 disclosed that RedZed has assets of around $850 million.S&P summed up its model as "a lender of nonconforming loans [that] provides home loans to borrowers who fall outside the lending criteria of traditional bank and nonbank lenders. "In particular, RedZed specialises in residential mortgage loans to borrowers who are self-employed or who self-certify their income, borrowers who have had previous episodes of credit impairment, and other borrowers who may not meet the requirements of traditional lenders."The make up of this trust bear that out, with 92 per cent of loans low doc, 20 per cent of loans for $1 million or more and a similar portion advanced to borrowers with poor credit histories.Evan Dwyer, chief executive of RedZed, wrote in an email: "We received investor feedback that they were happy with the consistency of our origination and our focus on self-employed."The loan sizes just reflect our investment in NSW.  We have attracted more share in NSW and therefore bigger loan sizes."