KNOXVILLE, Tenn., — Education Loan Finance (ELFI), a division of SouthEast Bank, announces the successful closing of the ELFI Graduate Loan Program 2019-A Asset Backed Notes, which marks the company’s second securitization of refinanced student loans. ELFI’s $325 million fixed rate transaction was comprised of $294.288 million Class A Notes, $24.375 million Class B Notes, and $6.337 million Class C Notes. The Class A Notes are rated AAA by Standard & Poor’s and DBRS. The Class B and C Notes are rated AA and A by DBRS.
“We’re very gratified the market recognized the strength of SouthEast Bank’s Education Loan Finance lending platform and the high credit quality of our loans,” said Barbara Thomas, SouthEast Bank’s Executive Vice President and Head of the Education Loan Finance Division. “The excellent performance of our ELFI loans sets us apart and brought broader investor interest to the platform with this financing, including seven new major financial institutions. We’re proud of our achievements with this deal, as the pricing of ELFI’s 2019-A Asset Backed Notes was highly competitive with two other student loan refinancing deals that came to market this past week reflecting the value investors placed on the quality of our lending and underwriting. Our management team’s tremendous expertise and over 30 years of experience in student lending, coupled with the financial strength both SouthEast Bank and our parent company, Educational Services of America, Inc., was also well received by investors.”
Citigroup and BMO Capital Markets served as joint lead managers on the transaction.
Education Loan Finance has been providing low-cost refinancing and consolidation solutions for borrowers with both federal and private student loans since December 2015. In August of this year, ELFI expanded its offerings to include in-school student loans with a variety of repayment options, including deferred, fixed, immediate, and interest only for private student loans. This securitization deal follows a year of significant investment in the platform to deliver excellence in the user experience and personalized service for Education Loan Finance’s customers.
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About Education Loan Finance
Education Loan Finance, a division of SouthEast Bank, is a leading online lender committed to funding higher education for students and graduate. ELFI provides competitive products and rates, flexible payment options, a smooth digital experience, and a knowledgeable workforce. Education Loan Finance believes that providing students and parents with in school funding options and graduates with comprehensive refinancing and consolidation options, students, parents, and graduates are empowered along their financial journey. To learn more, visit www.elfi.com.
About SouthEast Bank
SouthEast Bank operates branches throughout East and Middle Tennessee, blending modern amenities with hometown service and local decision-making. Our customers enjoy convenient electronic and mobile platforms such as online banking, remote deposit, automatic fraud monitoring, and a worldwide ATM network. In the last decade, SouthEast Bank, along with its holding company, has donated over $20 million to support secondary and post-secondary education in our local communities and universities throughout the state of Tennessee. To learn more about SouthEast Bank, please visit southeastbank.com. Member FDIC.