Non-bank mortgage provider Resimac has started marketing its Bastille Trust 2016-1NC, a cash securitisation of non-conforming and prime residential mortgage loans originated and serviced by Resimac. A Moody's pre-sale report shows there eight rated tranches and one non-rated tranche of seller's notes.  Resimac intends to raise A$350 million, according to the Moody's report. The report also observes that the collateral pool of mortgages has a diversified geographical concentration and "a comparatively low" (about 30 per cent) exposure to loans with a scheduled LTV greater than 80 per cent. These are among the "pool strengths" considered by Moody's.Some of the "credit challenges" facing the marketers of these notes are that credit impairment covers 20 per cent of the mortgage loans in the portfolio. These are loans to borrowers with prior credit impairment (default, judgment or bankruptcy). However, more than half of these defaults or impairments are for a small amount - up to A$2,000.Only 20.2 per cent of the borrowers are full time employed, while a typical transaction in the Australian RMBS market contains a significant majority of full time employed borrowers. The 60.1 per cent of the borrowers who are self-employed may experience some volatility in their income flows due to the nature of their employment.