National Funding, one of the largest U.S. specialty finance companies serving small- and medium-sized businesses, closed its first asset-backed securitization (ABS) for $120 million. Guggenheim Securities served as sole structuring advisor and sole initial purchaser of the notes. The facility has a 3-year revolving period, a 5-year legal final, and is expandable to $500 million. The notes priced at a blended yield of 4.58% per annum and provided for a 95% advance rate. National Funding served as risk retention sponsor. The notes were issued from a wholly-owned subsidiary of National Funding, NFAS, LLC, and consist of three classes. The most senior class of the three-tranche transaction earned an A(sf) rating from Kroll Bond Rating Agency (KBRA). The notes are secured by a revolving pool of short-term business loans.
To date, National Funding and its subsidiary, Quick Bridge Funding, have provided more than $3.5 billion in working capital and equipment leasing for more than 60,000 small- to medium-sized businesses nationwide.
“This $120 million securitization positions National Funding for continued exponential growth as the economy evolves and technology drives business,” said CEO and founder, David Gilbert. “At National Funding we believe in American small business owners. As one of the first alternative lenders in the marketplace with more than two decades of experience, we are committed to creating customized small business lending options, new loan products, and resources to help foster the financial well-being of small businesses.”
About National Funding
Founded in 1999, National Funding is a leading U.S. specialty finance company serving small- and medium-sized businesses. The company’s foundation is designed to serve American small business owners, by providing funding solutions to meet their needs to re-invest in their day-to-day operations and help them grow. National Funding’s digital loan process has elevated the company’s digital capabilities by delivering a simple and fast online application. Since 1999, National Funding and its subsidiary, Quick Bridge Funding have helped more than 60,000 small- to medium-sized businesses get access to over $3.5 billion in capital they need. For more information, visit https://www.nationalfunding.com.
About Guggenheim Securities
Guggenheim Securities is the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm. Guggenheim Securities offers services that fall into four broad categories: Advisory, Financing, Sales and Trading, and Research. Guggenheim Securities is headquartered in New York, with additional offices in Chicago, Boston, Atlanta, San Francisco, and Houston. For more information, please contact us at GSinfo@GuggenheimPartners.com.