The new owner of the failed commercial mortgage originator Seiza Capital has ambitions to see the group through the financial crisis and refinance the business once warehouse funders and RMBS investors are back in the market.Seiza went into administration last year when it could not secure new financing. It was managing a $750 million commercial mortgage portfolio split between a $400 million RMBS, Seiza Augustus Series 2007-1, and the balance in a warehouse.A Sydney private debt specialist, Causeway Asset Management, was a senior secured lender to Seiza Capital.  In a deed of company arrangement, entities controlled by Causeway and one of its managed funds were issued shares that gave them control of Seiza.Causeway head of credit Leo Leslie said his team has spent the past six months cleaning up the Seiza business. Ventures into areas like reverse mortgages and self-managed superannuation fund finance have been shut down.Leslie said Seiza's legal structure - its documentation and regulatory approvals - were still in place and could be reactivated once new funding became available.Just as important for the company's future, the legal liabilities of the Seiza Augustus and warehouse noteholders were still in place, despite the failure of the company.Late in July Standard & Poor's reported that it was looking at lowering the rating on a tranche of Seiza notes from CC to D after learning from the trust manager that noteholders are "not expected to receive an interest payment due on August 28".The investors affected are Seiza Augustus Series 2007-1 class F noteholders. S&P said the balance of the notes had been written down to zero, which triggers the cessation of interest payments on the notes.Causeway managing director Tim Martin said: "There is no pressure on the mortgagors to refinance. The noteholders are locked in."We plan to have the trust run its course. If markets recover we can look at raising money."