SAN MATEO, Calif., May 2, 2019 /PRNewswire/ -- Freedom Financial Network, LLC (FFN), the parent company of Freedom Financial Asset Management, has closed its third securitization, placing $408 million of notes after being oversubscribed by 348%.
Consistent with its first two securitizations, announced in 2018, underwriting the transaction were Credit Suisse, which served as the lead manager and structuring agent, and SunTrust, which served as a joint book runner. In addition, this securitization is bringing in 33 investors, 18 of which are new investors in the program.
FFN now has issued more than $1 billion in bonds. The company has originated more than $3 billion in loans on its Freedom Financial Asset Management (FFAM) platform.
With this securitization, FFN's asset-backed securities (ABS) program added Moody's as a rating agency with an investment-grade rating. The Class A, and Class B fixed notes were rated A3 (sf), Baa3 (sf) by Moody's. The Class A, Class B and Class C fixed-rate notes were rated A (sf), BBB (HIGH) (sf) and BB (HIGH) (sf) respectively by DBRS, Inc.
"The deep and diverse investor demand we experienced for this transaction, along with Moody's rating, is gratifying," says Joseph Toms, president of FFAM. "We also are encouraged by the strong response investors have shown to the higher percentage of our FreedomPlus near-prime, to prime, product in this transaction. This strong reception suggests that our long-term strategy to offer a holistic debt solution to consumers, with broad coverage from subprime to prime, is not only viable for consumers, but also for investors."
FFAM offers personal loans to help consumers consolidate their debt, lower interest rates and convert revolving debt into lower-cost, more consumer-friendly installment loans. Using a combination of process, technology and analytics, along with a focus on human interaction to hear directly from consumers about their financial needs, FFAM provides long-term risk-adjusted returns for investors in consumer lending.
"The success of this offering confirms that we are building a sustainable and successful, long-term lending platform that benefits consumers and investors alike," adds Toms. "We are excited to keep striving toward our vision of becoming the premier debt solution company for U.S. consumers."
Freedom Financial Network (www.freedomfinancialnetwork.com)
Freedom Financial Network, LLC, is a family of companies providing innovative solutions that empower people to live healthier financial lives. For people struggling with debt, Freedom Debt Relief offers a custom program to significantly reduce and resolve what they owe more quickly than they could on their own. FreedomPlus tailors personal loans to each borrower with a level of customer service unmatched in the industry. For consumers enrolled in qualifying debt relief programs, ConsolidationPlus offers loans that accelerate debt settlements and enable them to be free of the debts sooner. Bills.com offers a resource site with simple tips, advice and tools to help consumers make smart financial decisions.
Headquartered in San Mateo, California, FFN also operates an office in Tempe, Arizona. The company employs more than 2,200 and has been voted one of the places to work in both the San Francisco Bay Area and Phoenix area for several years.
CONTACT: Michael Micheletti, firstname.lastname@example.org, 415-359-6985
SOURCE Freedom Financial Network