Chicago-based lender Avant announced Thursday that it has closed two secured transactions totaling $339 million in debt financing.
These recently minted deals bring Avant's funding total to $1.1 billion in debt financing, $334 million in equity financing and $400 million raised through the Avant Institutional Marketplace.
"We are pleased to support our client Avant with attractive financing solutions; we appreciate the response of our capital market investor clients to this growing sector of investment opportunities," Brian McGrath, co-head of mortgage and asset-backed securities at Jefferies, said.
Avant also closed a $200 million revolving warehouse facility, with J.P. Morgan and Credit Suisse serving as senior lenders and with Waterfall Asset Management serving as a mezzanine lender. The deal will provide debt financing for Avant's core U.S. installment loan business.
"This inaugural securitization, placed through leading global investment banking firm Jefferies, furthers our access to a broad source of capital markets funding and sets a strong precedent for future transactions," Avant CEO Al Goldstein said. "Partnering with J.P. Morgan and Credit Suisse is an important milestone for Avant as we continue to solidify our position as the premier lending platform. It is further proof of the quality of our loans and will allow Avant to accelerate providing innovative financial products to middle-class consumers."