Encina Lender Finance provided a $46 million “first-out” commitment in partnership with a structured credit fund. The facility is secured by a pool of unsecured consumer installment loans.

ELF provides streamlined first-out financing to other like-minded private credit investors in the specialty finance sector, with a focus on granular pools of short-to-intermediate duration asset classes in both consumer and commercial finance. The prioritized use cases are first-out/last-out structures in support of a private credit fund’s asset-based credit facility investments into non-bank specialty finance asset originators as well as senior credit facilities secured by a private credit fund’s whole loan purchases.