National Funding Closes $125MM Securitization with Guggenheim Securities

National Funding closed its second asset-backed securitization for $125 million with Guggenheim Securities as sole structuring advisor and the sole initial purchaser of the notes.

The facility has a 3-year revolving period, a 5-year legal final and is expandable to $500 million. Michael Van Asselt, CFO of National Funding, lead the transaction that closed on Thursday, Sept. 22. It provides a 95% advance rate. National Funding served as risk retention sponsor. The notes were issued from a wholly owned subsidiary of National Funding, NFAS2, consisting of four classes. The most senior class of the three-tranche transaction earned a AA(sf) rating from Kroll Bond Rating Agency. A revolving pool of short-term receivables secures the notes.

“We are committed to providing customized small business lending solutions, products, and resources to help foster small businesses’ financial well-being,” Van Asselt said. “To date, National Funding and its subsidiary, QuickBridge Funding have provided more than $4.5 billion in working capital solutions and equipment leasing for more than 80,000 small- to medium-sized businesses nationwide.”

“As small businesses are finding themselves challenged in the current economic environment of inflation and aggressive rate hikes, closing on the $125 million securitization positions National Funding to continue to provide our support,” David Gilbert, CEO and founder at National Funding, said. “At National Funding, we believe in American small business owners. As one of the first alternative lenders in the marketplace with more than two decades of experience, we are healthier, stronger and leaner than ever before.”

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