Online consumer lending platforms and services, Marlette Funding, announced on Friday it completed its second proprietary “MFT” securitization. The lender reported that approximately $333 million of Best Egg collateral was financed through the transaction.
According to Marlette Funding, the transaction was significantly oversubscribed and successfully priced, which was based on the lender’s differentiated product offering and superior credit trends. Underwriting for the transaction was Goldman Sachs, which served as the structuring agent, Deutsche Bank, and Citi. The Class A, B and C fixed-rate Notes were rated A (SF), BBB (SF) and BB (SF), respectively, by Kroll Bond Rating Agency (KBRA). Paul Ricci, CFO of Marlette Funding, stated:
“After a year of market uncertainty, I am proud that Marlette Funding has continued to shine and that the investment community rewards our prudent underwriting practices and measured growth tactics.”
The closing of the second proprietary “MFT” securitization comes eight months after the first proprietary “MFT” securitization was completed, which originated by Cross River Bank using Marlette Funding’s loan platform, secured $205 million. Geoffrey Kott, Head of Capital Markets and Strategy at Cross River, added:
“The executive team at Marlette Funding has again demonstrated the depth of their experience and the meaningful value they bring to markets and, most importantly, their customers – the borrowers who benefit from efficient and innovative access to capital and funding. We are grateful for the opportunity to continue strengthening this relationship, which demonstrates the effective integration of finance and technology with best practices in risk management and regulatory compliance.”