CRB Securities LLC, an SEC-registered broker-dealer and FINRA member owned by Cross River Bank Group, and Best Egg have completed the issuance of the first series in Best Egg’s new private structured pass-through program, BEAST 2024-A.
Series 2024-A of the Best Egg Asset Structured Pass-Through Trust (BEAST) is backed by Best Egg’s unsecured loan product that holds an aggregate principal balance of approximately $160 million.
The deal is sponsored by Best Egg, and CRBS served as the structuring and placement agent.
Best Egg intends to leverage the BEAST shelf programmatically as a funding mechanism, “providing institutional investors access to both senior, credit-enhanced notes, as well as levered residual certificates.”
Cross River and Best Egg began their collaboration in 2013, with Cross River acting “as the Fintech’s sponsor bank.”
Ten years later, the companies set up a seasoning facility, allowing Best Egg to leverage Cross River’s balance sheet for “a fixed period prior to selling whole loans to institutional investors or securitizing through Best Egg’s broad syndicate program.”
Best Egg offers a portfolio of financial products including personal loans, and financial health tools.
