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Pepper secures $617m for asset finance lending

The non-bank lender has secured $617 million in funding from its second term transaction of asset finance ABS receivables.

Pepper Group has priced its second term transaction of asset finance/asset-backed securities (ABS) receivables under its SPARKZ platform, securing $617 million in funding.

The SPARKZ 2 transaction is expected to settle on 30 January 2020.

According to Pepper, the asset finance ABS transaction was oversubscribed across a number of tranches, resulting in a tightening of price across the capital stack.

Pepper’s asset finance portfolio comprises auto receivables, as well as other asset types, and is distributed via commercial and consumer brokers, car dealers and mortgage brokers.

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The group’s Australian CEO, Mario Rehayem, welcomed the strong investor interest in the transaction.

“I am delighted with this strong outcome and the growing investor appetite for our asset finance platform,” he said.

“The strong result further demonstrates our funding capacity to meet our growth aspirations required to provide even more customers with a motor vehicle loan or equipment finance in 2020.”

Pepper treasurer Andrew Twyford said: “We are delighted that our second asset finance ABS transaction saw such a strong execution. 

“It was also fantastic to see a broad group of our existing investors as well as the opportunity to once again welcome new investors to the Pepper program.”

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[Related: Pepper prices inaugural asset finance securitisation]

Pepper secures $617m for asset finance lending
Pepper Money
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Hannah Dowling

Hannah Dowling is a journalist for mortgage business, the leading source of news, opinion and strategy for professionals working in the mortgage industry.

Prior to joining the team at Mortgage Business, Hannah worked as a content producer for a podcast catering to property investors. She also spent 6 years working in the real estate sector at a local agency. 

Hannah graduated from Macquarie University with a Bachelor of Media and Journalism. 

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