Balboa Capital announced it has completed a $230 million securitization of equipment lease and loan backed notes. This is the company’s third term securitization. Balboa Capital will use this additional capacity to fund the company’s diverse portfolio of financing products, which include equipment leasing, small business loans, commercial financing, equipment vendor financing and franchise financing.
The senior class of notes received an AAA rating from DBRS. The sole placement agent of the notes was Wells Fargo Securities. “This transaction signals institutional investor confidence in our financial standing, business performance and successful business model,” said David Chiurazzi, chief financial officer at Balboa Capital. “Access to capital is vital to every company’s success, and this securitization allows us to continue meeting the financing needs of our customers. We look forward to putting this funding power to work for small businesses, middle market companies, franchises and equipment vendors nationwide.”
Balboa Capital’s securitization comes at a time of record growth for Balboa Capital. Within the last 12 months, Balboa Capital added more than 200 staff members to its sales divisions, operations team and customer service departments combined. The company opened new offices in Jacksonville, FL moved into larger offices in San Ramon, CA, and doubled the office space at its headquarters in Irvine, CA.
“Our $230 million securitization aligns with our current and future growth plans, and we have expanded our sales divisions and facilities accordingly,” said Chiurazzi.
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