TORONTO, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Triad Financial Services, a subsidiary of ECN Capital Corp (TSX : ECN) (“ECN Capital” or the “Company”), a leader in financing solutions to manufactured housing dealers across the U.S., today announced that it has signed a letter of intent for $1.14 billion in financing from Blackstone’s Asset-Based Finance (“ABF”) Group. The capital will be used to originate high-grade consumer loans that will be serviced by Triad.

“Triad provides critical financing solutions that help prospective homeowners meet their family’s needs,” said Steve Hudson, CEO of ECN. “We look forward to continuing to innovate with our dealers and provide affordable housing to more Americans. We anticipate this new capital will accelerate growth.”

""We are pleased to expand our relationship with Triad, providing capital to help more families access affordable housing and an attractive opportunity for our investors,”” said Rob Camacho, Senior Managing Director, and Co-Head of Asset Based Finance.

The Blackstone ABF capital will enable the origination of new, high-grade consumer loans and aligns with Blackstone’s goal of providing investment-grade like corporate credit investments for clients including leading insurance companies.

About ECN Capital Corp.

With managed assets of US$4.8 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and institutional investors (collectively our “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (inventory finance or floorplan) loans. Our Partners are seeking high quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicles and Marine Finance.

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