Blue Bridge Financial closed its first asset-backed securitization, Blue Bridge Funding 2023-1, at $124.8 million. Blue Bridge Funding 2023-1 includes four classes of notes and is backed by 2,156 secured loans. The transaction was oversubscribed, with 19 different investors participating. Truist Securities acted as the company’s sole structuring agent and sole bookrunner on the transaction.

Blue Bridge has funded more than $800 million to more than 9,000 businesses in more than 30 industries across the U.S. since inception. Blue Bridge originates through two channels; referrals from broker and other independent sales organizations and, more recently, directly to end users and vendors.

“We are proud to announce the closing of our first ABS transaction,” Steve Dervenis, CEO of Blue Bridge Financial, said. “We are very appreciative of the support we received from the investor community. Having the breadth and depth of investors in this inaugural issuance is testament to our platform and what we are building at Blue Bridge. We would like to thank the Truist Securities team and all involved for their efforts.”