In what some are calling a pinnacle deal for the franchise sector, Falcon Financial is readying a $140 million transaction backed by car dealership loans via Goldman Sachs, the first unwrapped franchise deal this year.

Though Falcon's dealership collateral is arguably a different asset type than the restaurant or convenience store/gas station loans backing typical franchise ABS, the transaction is being viewed by some as an "imperfect gauge" of investor reception to uninsured franchise paper from an untarnished issuer.

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