KBRA Assigns Preliminary Ratings to NFAS3 LLC, Series 2025-1
7 May 2025 | New York
KBRA assigns preliminary ratings to four classes of notes (the “Notes”) issued by NFAS3 LLC (the “Issuer”).
National Funding, Inc. (“National Funding” or the “Seller”) and QuickBridge Funding (“QuickBridge”, together with National Funding, the “Company”) provide financing to small and medium-sized business through the use of proprietary risk scoring models, transactional data and technology systems.
This transaction (NFAS3 LLC, Series 2025-1) is the third for the Company. NFAS3 LLC will issue four classes of Series 2025-1 Notes, Class A, Class B, Class C and Class D Notes (collectively, the “Notes” or “Series 2025-1 Notes”) totaling $145 million initially. The transaction features a three-year revolving period unless a Rapid Amortization Event has occurred (the “Revolving Period”). During the Revolving Period, the Issuer will purchase additional receivables that meet the eligibility criteria and concentration limits.
The Series 2025-1 Notes are “expandable” term notes such that at any time during the Revolving Period, the Issuer may upsize the current Notes, up to a maximum amount of $500 million, as long as certain conditions are met, including receipt of Rating Agency Notification. The consent of existing noteholders will not be required for these upsizes. As such, upsizes may dilute the control and voting rights of existing noteholders.
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