Westlake Financial Services issued a $700 million asset-backed securitization (WLAKE 2017-1) backed by approximately $748.7 million of automotive loans.

The transaction was led by BMO Capital Markets as structurer, Wells Fargo Securities and J.P. Morgan Securities. It is the latest of Westlake’s 13 securitizations, which have been comprised of approximately $5.1 billion in cumulative note sales.

“This is Westlake Financial Services’ largest ABS ever,” stated Paul Kerwin, Westlake’s chief financial officer. “With Westlake’s rapid growth, our credit performance continues to remain strong despite competitive and economic pressures. This combination is what attracts investors to our portfolio.”

Westlake’s largest-ever securitization has an expected annualized cost of 2.73% including the initial purchaser’s fees, which is in-line with prior ABS deals, despite higher benchmark interest rates.

“Westlake’s ABS continue to perform and investors keep supporting our portfolio,” added Sean Morgan, Westlake’s AVP of Finance. “This is demonstrated by how closely we price to our largest competitors.”

Director of Treasury at Westlake Financial Services, Elias Drucker stated “We upsized our deal by $100 million with 38 investors on WLAKE 2017-1, which is a reflection of strong investor demand for Westlake’s ABS. It is a credit to our strength as an originator and servicer, and shows that investors respect Westlake’s continued focus on growth and profitability.”

Westlake maintains six borrowing facilities funded by ten banks with combined capacity of $1.48 billion. Facility capacity has increased from $1.05 billion in March 2016 to support continued growth in its full-spectrum lending platform.

Westlake Financial Services continues to see strong growth through its nationwide network of automobile dealers. As the largest privately-held automotive lender, the company is active in all 50 states, with a dealer base of over 10,000 franchise and independent dealerships. Westlake’s current portfolio of $3.7 billion includes originated auto loans, portfolio purchases and dealer flooring lines.

Westlake is an internet-based, privately held finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect retail installment contracts through a nationwide network of new and used car dealers throughout the U.S. Westlake also offers portfolio purchasing through its ALPS division.