First Investors Financial Services issued a $187 million subprime auto lease securitization in a private placement transaction, the company said today.
The deal,
This is the company’s fifth term securitization since January 2011. Wells Fargo managed the deal.
First Investors, based in Houston, Texas, specializes in lending to consumers with impaired credit profiles. The company also purchases receivables through portfolio acquisitions or from third party originators and performs third-party loan servicing for unaffiliated clients.
Proceeds from First Investors’ latest securitization will be used to pay down the amount of borrowings outstanding under the company’s warehouse credit facility in order to allow room for growth in the portfolio of receivables held for investment.