SAN MATEO, Calif., Oct. 24, 2018 – — Freedom Financial Network, LLC (FFN), the parent company of Freedom Financial Asset Management, has closed its second securitization, placing $383.5 million of notes after being significantly over-subscribed.
Consistent with its first securitization announced in June, underwriting the transaction were Credit Suisse, which served as the structuring agent, and SunTrust. The Class A, Class B and Class C fixed-rate notes were rated A (sf), BBB (sf) and BB (HIGH) (sf) respectively by DBRS, Inc. This offering differed from Freedom’s prior securitization as it included Freedom loans from Freedom’s whole loan buyers.
This milestone follows news that the company crossed the $2.5 billion threshold of loans originated on the Freedom Financial Asset Management (FFAM) platform.
“This transaction marks another important milestone for Freedom,” said Joseph Toms, president of FFAM. “As we focus on evolving our holistic consumer financial wellness strategies, having strong investor demand for our unique assets confirms that we are on the right path to help consumers achieve financial health and have strong investor support to achieve this objective.”
Freedom Financial Asset Management offers personal loans to help consumers consolidate their debt, lower interest rates and convert revolving debt into lower-cost, more consumer-friendly installment loans. Using a combination of process, technology and analytics, along with a focus on human interaction to hear directly from consumers about their financial needs, FFAM provides long-term risk-adjusted returns for investors in consumer lending.
“As a leader in providing consumers smart solutions to manage their debts, we continue to innovate with loan products that help our clients achieve financial wellness,” said Andrew Housser, co-CEO of FFN. “The success of this offering is a strong validation from both consumers and from investors of our disciplined approach to building our business.”
Freedom Financial Network (www.freedomfinancialnetwork.com)
Freedom Financial Network, LLC (FFN), is a family of companies providing innovative solutions that empower people to live healthier financial lives. For people struggling with debt, Freedom Debt Relief offers a custom program to significantly reduce and resolve what they owe more quickly than they could on their own. FreedomPlus tailors personal loans to each borrower with a level of customer service unmatched in the industry. Bills.com helps homeowners better understand their loan options and make smarter mortgage decisions.
Based in San Mateo, California and Tempe, Arizona, FFN employs more than 2,000. The company has been voted one of the best places to work in both the San Francisco Bay area and the Phoenix area for several years. In 2016 and 2017, the company was ranked No. 1 in the Extra-Large category of its “Best Places to Work” awards program by the Phoenix Business Journal. The company is included in the Arizona Republic’s “100 Largest Employers in Arizona” list for 2018.
SOURCE Freedom Financial Network