Asset Based Lending Closes $175MM in Second Securitization

Asset Based Lending (ABL), provider of private capital to real estate investors, closed its second unrated securitization, ABL 2024-RTL1, totaling $175 million. This marks the second entry in ABL’s securitization program and features a ground-up construction focus._x000D_
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The transaction features three classes of notes (A1, A2 and M), each of which were sold to a broad array of institutional investors. The two-year revolving period represents an increase from ABL’s initial offering (ABL2023RTL-1), which had an 18-month duration._x000D_
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“Our expertise in ground-up new construction is what differentiates ABL from its competition,” Kevin Rodman, CEO of ABL, said. “We have spent more than a decade refining the infrastructure necessary to execute this level of sophistication in a high-touch business, and the response is a clear endorsement.”_x000D_
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“We’ve worked tirelessly to provide investors with fast, reliable funding, which is why over 65% of our clients come back to us for two or more deals,” Adam Cohen, chief operating officer and chief financial officer of ABL, said. “I look forward to using this fresh capital to meet the needs of our growing investor base.”_x000D_
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“Our securitization program is a remarkable recognition of what we have always known: ABL is an institutional-quality lender,” Daniel Gotay, head of capital markets for ABL, said. “Our team is uniquely positioned to support our new construction business and serve as a trusted partner for years to come.”_x000D_
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Performance Trust Capital Partners was the sole structuring agent of the deal. Performance Trust, Nomura Securities International, ATLAS SP Securities, a division of Apollo Global Securities, and Mizuho Securities USA were joint bookrunners and co-lead managers on the transaction.