Asset Based Lending (ABL), a provider of private capital to real estate investors, successfully closed its second unrated securitization, ABL 2024-RTL1, totaling $175 million. This marks the second entry in their securitization program and features an industry-leading ground-up construction focus.

The transaction features three classes of notes – A1, A2 and M, each of which were sold to a broad array of institutional investors. The two-year revolving period represents an increase from ABL's initial offering (ABL2023RTL-1), which had an 18-month duration.

"Our expertise in ground-up new construction is what differentiates ABL from its competition. We have spent more than a decade refining the infrastructure necessary to execute this level of sophistication in a high-touch business, and the response is a clear endorsement," said CEO Kevin Rodman.

Currently lending in 42 states, ABL has financed approximately $1b in 1-4 family ground-up construction, and $1.5b in fix and flip loans. Headquartered in Jersey City with over 140 employees – ABL has grown over 400% in the past three years.

"We've worked tirelessly to provide investors with fast, reliable funding, which is why over 65% of our clients come back to us for two or more deals," said Adam Cohen, Chief Operating Officer & Chief Financial Officer. "I look forward to using this fresh capital to meet the needs of our growing investor base.

"Our securitization program is a remarkable recognition of what we have always known: ABL is an institutional-quality lender" said Daniel Gotay, Head of Capital Markets. "Our team is uniquely positioned to support our new construction business and serve as a trusted partner for years to come."

Performance Trust Capital Partners, LLC (Performance Trust) was the sole structuring agent of the deal. Performance Trust, Nomura Securities International, Inc., ATLAS SP Securities, a division of Apollo Global Securities, LLC, and Mizuho Securities USA LLC were joint bookrunners and co-lead managers on the transaction.