Sun Life Assurance Company of Canada ("Sun Life"), Securcor Inc., and Blue Bridge Financial, LLC, announced a private securitization facility for US$40 million between Blue Bridge SPV Funding I, LLC and Securcor Inc. The facility will be funded by Sun Life, which is the primary life insurance subsidiary of Sun Life Financial Inc.
This securitization facility will enable Blue Bridge Financial to expand its market share and continue the expansion of Sun Life's and Securcor's presence in the U.S. equipment finance industry. The facility is backed by commercial equipment loans originated by Blue Bridge Financial.
"Sun Life's U.S. strategy is focused on originators with experienced management and prudent lending practices. We look forward to a long and mutually beneficial relationship with Blue Bridge," said Neil Cameron, Senior Managing Director, Head of Private Securitization Finance, Sun Life Investment Management, an institutional investment management platform of Sun Life Financial.
Brian Rodd, President and CEO of Securcor, commented, "We are very pleased to bring Blue Bridge on board as we feel they are a very well managed organization and are poised to move to the next level in their development. We are happy to be able to work alongside them as they grow their business."
Mark DeBacker, CEO of Blue Bridge Financial, commented, "We are excited to announce the closing of our securitization facility with Sun Life and Securcor. This facility represents a watershed event for Blue Bridge Financial, as it allows us to fully migrate to a portfolio lending model, which will provide in-house servicing for all of our business borrowers and origination partners. The scale and economics of this transaction will also provide us an opportunity to expand our product offering and allow for more competitive pricing across our product suite."
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2016, the Sun Life Financial group of companies had total assets under management of $861 billion.
Securcor is a specialized Toronto-based structured finance operation, and leading service provider of customized securitizations, receivable and structured financing programs in Canada. With operations in Toronto and New York, Securcor provides customized securitization and structured financing services to mid and large sized companies. Securcor has a strong presence in the automotive dealer and automotive leasing industry. Securcor has key funding relationships with several leading Canadian and U.S. financial institutions. Securcor has been in business for 16 years, and has originated close to $5.0B in auto financing, equipment leases and consumer loans since its inception. To learn more, please visit www.securcor.com.
Blue Bridge Financial, LLC is a specialty finance company and leading provider of commercial financing solutions for small business borrowers as well as manufacturers, vendors and distributors of commercial equipment and inventory. With fast and easy to obtain funding for equipment purchases, inventory and working capital, they are a complete source for simplified business financing. The company is headquartered in Reston, Virginia, with offices in Buffalo, New York, Las Vegas, Nevada, Tampa, Florida and Lake Wylie, South Carolina.