Freedom Financial Network Announces Close of $205M Securitization with AAA Ratings from DBRS, Kroll

Deal is the 12th Freedom securitization and brings total issuance to nearly $3.5 billion

April 7, 2022

SAN MATEO, Calif. April 7, 2022 — Freedom Financial Network (FFN), a leading digital personal finance company, announces the closing of a securitization consisting of $204.93 million in rated notes backed by ConsolidationPlus personal loans.
The securitization, FREED ABS Trust 2022-2CP, is the second Freedom deal to receive an AAA rating from DBRS Morningstar and the fourth to receive a AAA rating from Kroll Bond Rating Agency (KBRA). It is also the first securitization of ConsolidationPlus loans to receive AAA ratings from two ratings agencies. The deal is the 12th securitization by Freedom Consumer Credit Fund (FCCF), an investment fund managed by Freedom Financial Asset Management (FFAM).
Underwriting for the ConsolidationPlus loan program is based on proprietary algorithms that evaluate behavioral, transactional, employment and income data, as well as a manual review of borrowers’ creditworthiness. The underlying ConsolidationPlus loans were originated by bank partners Cross River Bank® and MetaBank®, N.A. on the FFAM platform. ConsolidationPlus loans help borrowers accelerate the process of resolving unsecured debt. The loans are offered exclusively to clients of Freedom Debt Relief (FDR) and certain other debt resolution companies who have been enrolled in a debt program for at least six months and made timely payments into their dedicated accounts.
“The successful issuance of this securitization at such a challenging time in the broader financial market is a testament to the robust underwriting and credit risk models used to originate ConsolidationPlus loans,” said Barry Rafferty, Senior Vice President of Capital Markets at FFAM. “We are pleased to have once again earned AAA ratings from two credit ratings agencies and look forward to continuing on this positive trajectory in future deals.”
The Class A, Class B, Class C and Class D fixed-rate notes were rated AAA (sf), AA (sf), A (sf) and BBB- (sf) by KBRA. The Class A, Class B and Class C fixed-rate notes were rated AAA (sf), AA (sf) and A (high) (sf) by DBRS Morningstar. The D class notes were not rated by DBRS.
“ConsolidationPlus loans are an important method to help consumers address debt as they seek to get on the path to a brighter financial future,” said Andrew Housser, Co-Founder and Co-CEO of Freedom Financial Network. “The completion of this transaction during a time in which several other issuers pulled deals due to the volatile economic and geopolitical climate highlights our expertise and experience in this market segment where we help everyday people achieve their financial goals.”
Underwriting the transaction was Truist, serving as structuring agent and joint book runner; Jefferies, joint book runner; and Credit Suisse, joint book runner. The transaction structure features overcollateralization, subordination, a reserve fund and excess spread. Issuance across all FCCF securitizations now totals nearly $3.5 billion and total loan originations through the FFAM platform now exceed $7.5 billion.

About Freedom Financial Network
Freedom Financial Network is a leading digital personal finance company. We do what traditional banks don’t: Put people first. Our solutions help everyday people get on, and stay on, the path to a brighter financial future, with innovative technology and personalized support. By leveraging proprietary data and analytics, our solutions are tailored for each step of a consumer's financial journey and include personal loans (FreedomPlus), home equity loans (Lendage), help with debt (Freedom Debt Relief), and even financial tools and education ( Freedom Financial Network has more than 2,300 dedicated employees across California, Arizona and Texas and is recognized as a Best Place to Work.

For information on career opportunities at Freedom Financial Network, visit:

About Cross River Bank
Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at or Twitter @crossriverbank.

About Meta Financial Group, Inc.®
Meta Financial Group, Inc.® (“Meta”) (Nasdaq: CASH) is a South Dakota-based financial holding company. At Meta, our mission is financial inclusion for all®. Through our subsidiary, MetaBank®, N.A., we strive to remove barriers to financial access and promote economic mobility by working with third parties to provide responsible, secure, high quality financial products that contribute to the social and economic benefit of communities at the core of the real economy. Meta works to increase financial availability, choice, and opportunity for all. Additional information can be found by visiting

For media inquiries contact:

VP, Corporate Communications
Freedom Financial Network
+1 415-710-9006