Americor Announces Close Of $106 Million, A-Rated Personal Loan Securitization
This second deal receives an A-rating and is backed by Americor Advantage personal loans.
IRVINE, CALIFORNIA (PRWEB) OCTOBER 28, 2024
Americor Financial, a leading provider of debt relief solutions, announced today the closing of our second offering of $106 million in rated notes backed by Americor Advantage loans.
The securitization, AMCR 2024-A, consists of three classes of rated notes backed by unsecured personal loans. This deal is the second securitization sponsored by Credit9, a lending subsidiary of Americor.
Americor Advantage loans are offered exclusively to members of Americor’s debt resolution program and those of certain other legal services providers who have been enrolled for at least six months and have made timely payments into their dedicated accounts during that time.
“Americor Advantage loans help accelerate the debt resolution process for our clients struggling with debt, but have demonstrated both a commitment and ability to resolve their debt,” said Americor CEO David Norris. “This second securitization continues to support Americor’s mission of helping individuals get on the path to become debt-free faster than they ever thought possible.”
Americor Advantage loans are fully amortizing, unsecured consumer loans with original balances ranging from $2,500-$50,000, original terms of one to five years, and annual percentage rates going up to 30%. Underwriting for the Americor Advantage loan program is based on proprietary algorithms that evaluate debt resolution program performance, transactional, employment and income data, as well as a manual review of borrowers’ creditworthiness. The loans are originated by Credit9.
“This securitization enhances our liquidity and enables us to expand our debt relief efforts, empowering our clients to accomplish their financial goals while providing our investors with stable returns,” commented Americor Chief Financial Officer, Barry Rafferty.
The Class A, Class B, Class C, were rated A (Low) (sf), BBB (Low) (sf), BB (Low) (sf), respectively, by DBRS Morningstar. The transaction structure features overcollateralization, subordination, a reserve fund and excess spread.
Jefferies served as Structuring Agent, Initial Purchaser and Sole Bookrunner.
This press release is for informational purposes only and is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“Securities Act”), or the securities laws of any jurisdiction. The notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act.
About Americor
Americor Holdings, LLC (“Americor”) through its various subsidiaries is a leading provider of consumer financial services. These include debt relief services (through its Americor Funding, LLC subsidiary), personal loans (through its Credit9, LLC subsidiary), and mortgage services (through its soon to be finalized Mission Loans, LLC acquisition). Through these subsidiaries, Americor offers a comprehensive range of debt resolution solutions in 47 states, recently completed its second securitization of consumer loans in October 2024, and is now offering a comprehensive suite of mortgage services including home equity loans and first lien purchase and refinance. Americor’s commitment to financial wellness extends across its range of products and services, aimed at helping consumers manage their financial challenges at all stages of their lives. To learn more about Americor and its various product offerings, please visit its websites at americor.com and credit9.com.
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