Freedom Financial Network closes 10th securitization and obtains AAA Kroll rating
Oversubscribed deal, secured by personal loans, brings total issues to $ 3 billion
SAN MATEO, Calif. (PRWEB) September 28, 2021
Freedom Financial Network, a leading consumer-centric financial services firm and parent company of Freedom Financial Asset Management (FFAM), closed its 10th securitization, placing $ 230.5 million in rated bonds.
This securitization, 4.8 times oversubscribed by investors, is the first operation specific to FreedomPlus to receive an AAA rating from the Kroll Bond rating agency (KBRA). LibertyPlus loans help consumers consolidate debt, lower interest rates, and convert revolving debt into cheaper, more user-friendly installment loans. FreedomPlus loans are issued by Bank of the Cross River® and MetaBank®, NA
“The AAA rating confirms the strong performance and market leadership of FFAM, and in particular FreedomPlus loans,” said Joseph Toms, President and Chief Investment Officer of FFAM. “We continue to help consumers move on the path to financial health while providing investors with strong risk-adjusted returns. ”
The Class A, Class B, Class C and Class D fixed rate bonds have been rated AAA (sf), AA- (sf), A- (sf) and BBB- (sf) by KBRA. The Class A, B and C Fixed Rate Notes have been rated AA (high) (sf), AA (sf) and A (i) (sf) by DBRS Morningstar. The Class D Notes have not been rated by DBRS.
Underwriting the transaction was Credit Suisse, acting as the lead manager on the left; Jefferies, leader on the right; and Truist Securities, co-manager. In addition, this securitization involves four new investors.
The issue on the 10 securitization operations of the Freedom Financial Network (FFN) now totals nearly $ 3 billion. Total loan arrangements via the FFAM platform now exceed $ 6.1 billion. Over $ 3.7 billion comes from FreedomPlus personal loans.
“As a leader in providing solutions to consumers to walk them through every step of their financial journey, we continue to offer innovative and highly personalized loan products to help people overcome their debts and achieve their financial goals. financial goals, ”said Andrew Housser, co-founder and co-founder. CEO of FFN. “The milestone of a 10th securitization, with an issuance reaching $ 3 billion, is strong validation from consumers and investors that our approach is sound.”
Freedom Financial Network (http://www.freedomfinancialnetwork.com)
Freedom Financial Network provides consumer-centric solutions that empower people to lead healthier financial lives. Financial solutions include FreedomMore and Consolidation Plus personal loans, deleveraging and restructuring (Freedom Debt Relief), Home Equity Lines of Credit (ready) and financial education (Bills.com). Based in San Mateo, California, Freedom Financial Network also has offices in Tempe, Arizona. The company employs nearly 2,300 team members and has been voted one of the best places to work in the San Francisco Bay Area and Phoenix areas for several years.
Contact: Erica Bigley, [email protected], 415-710-9006
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