National Funding, Inc. has successfully completed a notable securitization transaction, raising a record total of $220 million. This financing effort marks an upsize of $75 million from the previously issued Series 2025-1 notes. The announcement was made on March 3, 2026, and showcases the company’s strong position in the commercial financing sector for small- and medium-sized businesses throughout the United States.
The Series 2025-1 notes, structured into four classes, received commendable ratings from the Kroll Bond Rating Agency (KBRA): AA- for Class A, A- for Class B, BBB- for Class C, and BB for Class D. The demand for these notes was extraordinary, with the upsize being approximately three times oversubscribed.
The pricing of the notes achieved a blended yield of 6.13%, reflecting a significant improvement of 92 basis points compared to the original issuance in May 2025. This yield enhancement demonstrates the capital markets’ robust confidence in National Funding’s credit quality and operational performance.
David Gilbert, the CEO of National Funding, expressed enthusiasm regarding the transaction. “This transaction represents a transformative moment for National Funding and a powerful validation of our strategic direction,” he stated. Gilbert emphasized that the oversubscription across all bond classes and the improved yield reflect extraordinary investor confidence in the company’s business model and risk management capabilities. He added that the premium pricing not only reduces the company’s cost of capital but also generates significant additional value. This additional value will be directed towards expanding access to capital for small businesses across America.
The transaction was executed with the assistance of Guggenheim Securities, LLC, which served as both the sole structuring agent and the sole book runner for this issuance. National Funding continues to position itself as a leader in providing innovative commercial financing solutions, leveraging advanced technology and customer-centric services to empower entrepreneurs and small business owners in achieving their growth objectives.
As the company moves forward, the successful completion of this securitization is expected to bolster its efforts in supporting the financial needs of small businesses, further solidifying its role in the commercial financing landscape. For more information about National Funding, visit their website at www.nationalfunding.com.
