Marlette Funding, LLC, an online consumer lending platform, service provider, and the parent company of Best Egg, announced on Monday it closed its fifth proprietary “MFT” securitization. According to the company, approximately $495 million of Best Egg loans were financed via $464.3 million of MFT 2018-1 Notes with four classes and one class of Certificates, with certain loan sellers retaining risk on a portion of the Notes and/or Certificates.
“This is the first securitization of 2018 bringing the total program issuance to date to $1.7B, with capital provided by a broad set of investors. The transaction was significantly oversubscribed, upsized and successfully priced, reflecting Marlette’s differentiated product offering and superior credit performance. Underwriting the transaction were Goldman Sachs, who served as the structuring agent, Citi, Deutsche Bank and Morgan Stanley.”
The company also announced it recently appointed Mark Elbaum to CFO and promoted Sabrina Basht to Chief Strategy Officer, as part of an aggressive growth strategy. Elbaum stated:
“Today’s securitization announcement is just one more reason to expect that 2018 will be an exciting year for Best Egg. We believe that strong fundamentals, healthy performance, overall nimble and scalable infrastructure will result in a significant uptick in the existing business and open doors for new service and product launches.”
Geoffrey Kott, Head of Capital Markets and Strategy at Cross River, added:
“Marlette Funding has been very deliberate in building an investor base with deep strategic relationships across the capital structure. They understand the financial services industry and invest and align the business with the customers.”