Octane closes $700 million forward-flow deal
Summary
Progressive-backed Octane Lending, which helps individuals finance powersports vehicles, outdoor power equipment, and RVs, has executed an up to $700 million forward-flow facility. Through this transaction, the company continues to diversify and grow its existing base of high quality capital providers.Octane has sold or entered into forward flow commitments of over $2 billion since its first whole-loan sale in late 2023, including a $500 million forward-flow facility with funds managed by AB CarVal in 2024.Were excited to leverage our strong, consistent, and stable credit performance by offering alternative asset classes to attract three distinguished insurance partners. We look forward to strengthening our relationships with New York Life, MIM, and Equitable and continuing to serve our OEM and dealer partners with our innovative solutions and fast, seamless digital experience. This deal reinforces our commitment to our policy owners by investing in high-quality assets for the stability and growth of our portfolio. Brendan Feeney, Managing Director and Head of Consumer Asset Based Finance with New York Life.We are committed to investing in innovative financial solutions that align with the strategic objectives of our General Account and this transaction further supports the development of AllianceBernsteins Private Alternative capabilities, including AB CarVal.