Achieve Announces the Close of Two, AAA-Rated Consumer Loan Securitizations

$244.8 million deal backed by Achieve Personal Loans receives AAA ratings from two agencies; $152.7 million deal backed by Achieve Home Loans builds on the success of precedent-setting HELOC securitization strategy

February 02, 2023

SAN MATEO, Calif., February 2, 2023 Achieve, the leader in digital personal finance, announces the close of two AAA-rated securitizations — one offering of $244.8 million in notes backed by Achieve Personal Loans; and a second offering of notes backed by approximately $152.7 million in newly originated home equity lines of credit (HELOCs). Both securitizations closed on January 31, 2023.

ACHV ABS Trust 2023-1PL

The personal loan securitization, ACHV ABS Trust 2023-1PL, consists of four classes of rated notes backed by 15,788 unsecured consumer personal loans. It is the 15th personal loan securitization by Freedom Consumer Credit Fund (FCCF), an investment fund managed by Freedom Financial Asset Management (FFAM), an Achieve company. It is the fifth personal loan deal from FCCF and FFAM to receive a AAA rating from DBRS Morningstar and the seventh to receive a AAA rating from Kroll Bond Rating Agency (KBRA). ACHV ABS Trust is the new name for the securitization shelf formerly known as FREED ABS Trust.

Underwriting for Achieve Personal Loans ( formerly known as FreedomPlus loans) is based on proprietary algorithms that evaluate behavioral, transactional, employment and income data, as well as a manual review of borrowers’ creditworthiness. The underlying Achieve Personal Loans in the securitization were originated by bank partners Cross River Bank and Pathward, N.A. on the Achieve Personal Loans platform. Achieve Personal Loans help consumers consolidate debt, lower interest rates and convert revolving debt into lower-cost, more consumer-friendly installment loans.

The Class A, Class B, Class C and Class D fixed-rate notes were rated AAA (sf), AA- (sf), A- (sf) and BBB- (sf), respectively, by KBRA. The Class A, Class B and Class C fixed-rate notes were rated AAA (sf), AA (sf) and A (sf), respectively, by DBRS Morningstar. The D class notes were not rated by DBRS.

Credit Suisse served as structuring agent and joint book runner and Jefferies and Truist Securities served as joint book runners for the transaction. The transaction structure features overcollateralization, subordination, a reserve fund and excess spread.

“The closing of the first securitization backed by loans using the Achieve Personal Loans brand is an important milestone as we continue to incorporate the new Achieve brand throughout our organization,” said Achieve Co-Founder and Co-CEO Andrew Housser. “While the name may be new, Achieve Personal Loans remain the same trusted financial tool that our members can rely on to help them improve their personal finances.”

ACHM Trust 2023-HE1

The HELOC securitization, ACHM Trust 2023-HE1, consists of three classes of rated notes and one class of unrated notes backed by 2,556 HELOCs with a total unpaid principal balance of approximately $152.7 million and a total current credit limit of about $156.3 million. At the November 30, 2022 cutoff date, the HELOCs in the portfolio had a weighted average loan age of approximately five months and ranged in age from approximately two to 32 months. DBRS Morningstar rated the securitization’s Class A, Class B and Class C fixed-rate notes AAA (sf), BBB (low) (sf) and B (low) (sf), respectively. The Class CE notes were not rated by DBRS Morningstar.

The deal is the second HELOC securitization sponsored by FCCF and follows the success of the precedent-setting inaugural deal in December 2022. ACHM Trust is the new name for the securitization shelf formerly known as FREED Mortgage Trust.

Achieve’s HELOCs are designed to help homeowners with unsecured debt reduce the burden of high interest rates by using a portion of their home’s available equity to consolidate their debt and lower their payments. Each HELOC is fixed-rate and fully amortizing, which eliminates the uncertainty and risk of payment shock that traditional HELOCs present via variable rates, interest-only periods, or balloon payments. Since Achieve Home Loans launched in 2019, HELOC borrowers have saved an average of $779 per month compared to their previous unsecured debt payments.

The HELOCs are fully drawn at origination and carry a 10- or 15-year term that includes a five-year draw period. In most cases, the HELOCs are secured by a junior lien on the homeowner’s primary residence, although a small portion of HELOCs hold a first-lien position. Achieve works with its members to conduct a comprehensive financial assessment during the application process. A thorough collateral valuation process helps ensure the HELOCs are originated with low combined loan-to-value ratios that preserve an ample cushion of remaining home equity. Achieve believes this better enables its members to address their immediate financial needs without jeopardizing their opportunity to build long-term wealth via their home.

“We’ve long believed in the value of programmatically accessing capital markets in support of our personal loan initiatives and we look forward to bringing that approach to our HELOC activities, as well,” said Barry Rafferty, chief investment officer of FFAM and head of capital markets at Achieve.

Issuances across all FCCF-sponsored securitizations now total over $4.6 billion and total loan originations through the FFAM platform and Achieve Home Loans exceeds $8 billion.

This press release is for informational purposes only and is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (Securities Act), or the securities laws of any jurisdiction. The notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

About Achieve

Achieve is the leader in digital personal finance. Our solutions help everyday people get on, and stay on, the path to a better financial future, with innovative technology and personalized support. By leveraging proprietary data and analytics, our solutions are tailored for each step of a consumer’s financial journey and include personal loans, home loans, help with debt and financial tools and education. Headquartered in San Mateo, California, Achieve has nearly 3,000 dedicated teammates across the country with hubs in California, Arizona, Texas and Florida and is regularly recognized as a Best Place to Work.

Achieve and its affiliates are subsidiaries of Freedom Financial Network Funding, LLC, including, LLC d/b/a (NMLS ID #138464) Equal Housing Lender; Freedom Financial Asset Management, LLC d/b/a Achieve Personal Loans (NMLS ID #227977); Freedom Resolution (NMLS ID #1248929); and Lendage, LLC d/b/a Achieve Loans (NMLS ID #1810501), Equal Housing Lender.



Erica Bigley

Vice President, Corporate Communications

[email protected]



Austin Kilgore

Director, Corporate Communications

[email protected]




Ryan Chernis

Vice President, Institutional Sales & Investor Relations

[email protected]


Press Topics