Triad Financial Services, a subsidiary of ECN Capital and a provider of financing solutions to manufactured housing dealers across the U.S., signed a letter of intent for $1.14 billion in financing from Blackstone’s asset-based finance group. Triad Financial Services will use the capital to originate high-grade consumer loans that it will also service.
“Triad provides critical financing solutions that help prospective homeowners meet their family’s needs,” Steve Hudson, CEO of ECN Capital, said. “We look forward to continuing to innovate with our dealers and provide affordable housing to more Americans. We anticipate this new capital will accelerate growth.”
“We are pleased to expand our relationship with Triad, providing capital to help more families access affordable housing and an attractive opportunity for our investors,” Rob Camacho, senior managing director, and co-head of asset-based finance at Blackstone, said.
