Cross River Bank of Fort Lee and Achieve, the leader in digital personal finance, said Tuesday that, together, the financial firms have completed the issuance of the first pass-through certificates backed by Achieve Personal Loans.
The Achieve Personal Loan Master Pass-Through Trust, Series 2023-1, is backed by approximately 1,500 Achieve Personal Loans with an aggregate principal balance of approximately $34.5 million.
“The new Achieve Personal Loans pass-through certificates allowed investors to acquire an interest in the same collateral behind our award-winning securitization platform, but with whole-loan economics,” Achieve co-founder and co-CEO Andrew Housser said. “Cross River’s partnership will allow us to diversify our investor base and funding sources to further strengthen the Achieve Personal Loans platform, reflecting Achieve’s commitment to innovative strategies that help consumers get on, and stay on, the path to a brighter financial future.”
Achieve Personal Loans are unsecured loans that help consumers consolidate their high-interest, unsecured debts. The loans backing the pass-through certificates were originated by Cross River, one of two bank partners that originate loans on the Achieve Personal Loans platform. The loans have an original principal balance between $5,000 and $50,000 and terms between 24 and 60 months.
“We always strive to provide our clients with unique capital solutions and, now that we have the broker-dealer capabilities, we were able to further expand those offerings,” Ryan Callahan, co-head of capital markets at Cross River and managing director at CRB Securities LLC, said. “We’re excited that the Achieve team was able to enhance their funding strategy by offering investors access to Achieve Personal Loans in certificated form.”
CRB Securities LLC acted as placement and settlement agent.
For the pass-through certificates, Cross River and CRB Securities arranged an end-to-end closed-loop funding solution — from loan origination all the way to securitization structuring.