Freedom Financial Network closes $324M securitization

Digital personal finance company Freedom Financial Network LLC announced the closing of a securitization consisting of $323.6 million in rated notes backed by FreedomPlus personal loans.

The securitization, FREED ABS Trust 2022-3FP, is the 13th securitization by Freedom Consumer Credit Fund, an investment fund managed by Freedom Financial Asset Management LLC.

Credit Suisse served as structuring agent and joint bookrunner for the transaction. Jefferies and Truist Securities were also joint bookrunners.

The transaction structure features overcollateralization, subordination, a reserve fund and excess spread. Issuance across all Freedom Consumer Credit Fund securitizations now totals more than $3.8 billion, and total loan originations through the Freedom Financial Asset Management platform now exceed $8 billion, according to a news release.