Online lender Enova International said Friday it has entered into a $175 million asset-backed financing facility for its NetCredit installment loan portfolio.

The transaction is Enova's first securitization. Jefferies led the unrated transaction with a group of noteholders.

The facility includes an initial draw of $107 million, which is secured by $127 million in unsecured consumer loans, and a $20 million revolving note for warehousing new and seasoned loans for a period of time.

In a press release published Friday, Enova said the new facility significantly enhances its liquidity and capacity for NetCredit loan originations.

Enova launched its NetCredit business in 2012 to provide longer-term unsecured installment loans to what it describes as “near-prime” customers.  Its products include short term (seven to 90 days) consumer loans; consumer and business lines of credit; longer-term (two to 60 month) installment loans; and receivables purchase agreements, according to a regulatory filing.     

In 2014, Enova extended approximately $2.2 billion in credit to borrowers. As of Sept. 30, 2015, it offered or arranged loans to consumers in 33 states in the United States and in the United Kingdom, Australia, Canada, Brazil and China. It also offered financing to small businesses in all 50 states and Washington D.C. in the United States

In the past, the company has relied on its former parent Cash America, to help fund lending. In 2014, Enova raised some $479.0 million by issuing notes in order to repay its intercompany indebtedness and it was subsequently spun off by Cash American in November 2014. It now expects to rely on the securitization and sale of loans and other financial assets.

"It's an exciting time at Enova as we continue to use our leading technology platform and best-in-class analytics to drive growth," Enova's CEO David Fisher said in the press release. "We're advancing our strategy to diversify our product mix, and this securitization gives us a cost-efficient mechanism to access the capital we need to meet the strong demand we're seeing in these new products."

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