Western Funding, a subsidiary company of Westlake Technology, closed its inaugural asset-backed securitization (ABS), WEFUN 2025-1, totaling $400 million.
This transaction marks Western Funding’s debut in the capital markets. The ABS was backed by a pool of auto loans originated by Western Funding’s expansive dealer network.
“This is a transformational step for Western Funding,” Jim Murray, president of Western Funding, said. “The success of our first securitization validates the strength of our platform and our future ambitions.”
Structured as a revolving deal with a 24-month reinvestment period, the proceeds from this issuance will be used to support continued loan originations, repay debt and fund strategic initiatives. Western Funding will continue to service the underlying assets and to deliver value to its over 2,000 participating dealerships nationwide.
“Bringing our first ABS to market is a proud moment for the team,” Franka Bicolli, vice president of capital markets for Westlake Financial, said. “This transaction lays the groundwork for future issuances and expands Western Funding’s access to efficient, scalable capital.”
This transaction was executed without registration under the Securities Act of 1933 and is compliant with Rule 135c. Western Funding’s portfolio now stands at $1.2 billion in auto loans, serving a national footprint across 49 states.
