SAN FRANCISCO, CA--(Marketwired - Feb 11, 2016) - Earnest today announced the close of the company's inaugural securitization for $112 million of notes led by Credit Suisse. The offering was rated by DBRS and achieved a Single-A rating for the senior notes.
The company also announced it had opened a new $150 million warehouse facility with Goldman Sachs. Total warehouse facilities to date total $350 million and are being used to meet significant demand for the company's student loan refinancing product.
"In an uncertain debt market, having an oversubscribed inaugural securitization speaks to the extremely high quality of Earnest clients and our evaluation process," said Louis Beryl, CEO and cofounder. "We are using technology to deliver a truly unique and integrated product, which is now being recognized by the capital markets."
"Earnest's inaugural securitization demonstrates the strength of Earnest's data-driven model and the quality of its borrowers," said Anup Agarwal, Head of Structured Product at WAMCO and Chief Investment Officer at Western Asset Mortgage Capital, Corp., a public mortgage REIT managed by WAMCO. "We are excited to continue partnering with Earnest as the company grows."
About Earnest
Earnest is a technology company using data science, smarter design, and exceptional service to rebuild financial services. Founded in 2013 on the belief that financially responsible people deserve better options and access to credit, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company's mission is to democratize access to high-quality financial services.
Earnest is headquartered in San Francisco and backed by Maveron, Battery Ventures, Adams Street Partners, Andreessen Horowitz, Accomplice Ventures, Wildcat Venture Partners, First Round Capital, and others. For more information, please visit www.meetearnest.com or follow the team on Facebook, Twitter, and the Earnest Blog.