KBRA Assigns Preliminary Ratings to ByzFunder Asset Securitization I, LLC, Series 2026-1
KBRA assigns preliminary ratings to three classes of notes (the “Notes”) issued by ByzFunder Asset Securitization I, LLC, Series 2026-1.
ByzFunder NY LLC (“ByzFunder,” or the “Company”) is the Sponsor, Seller, and Servicer for ByzFunder Asset Securitization I, LLC, Series 2026-1. ByzFunder was founded in 2019 and is headquartered in New York, NY, with an additional office in Tampa, FL. The Company is a specialty finance company that provides working capital financing to small and medium-sized businesses nationwide using proprietary risk models, third-party data and technology systems. The Company originates primarily through Independent Sales Organizations (“ISOs”) and offers receivable advances, term loans and lines of credit. As of April 30, 2026, the Company had approximately 139 employees and had funded over $1.4 billion to more than 26,000 small and medium-sized businesses.
ByzFunder 2026-1 is the Company’s inaugural small business ABS securitization. ByzFunder 2026-1 is secured by a revolving pool of business loans and merchant cash advances (“Receivables”). ByzFunder Asset Securitization I, LLC (the “Issuer") will issue three classes of Series 2026-1 Notes, (collectively, the “Notes” or “Series 2026-1 Notes”) totaling $165.00 million. The transaction features a revolving period (the “Revolving Period”), which will end on the earlier of (i) the close of business on May 31, 2029, approximately 36 months after the initial closing date and (ii) the date on which a Rapid Amortization Event has occurred. During the Revolving Period, the Seller will transfer additional Receivables to the Issuer, who will purchase such additional Receivables so long as (a) the Issuer and the Receivables satisfy all conditions set forth in the transaction documents and (b) a Rapid Amortization Event has not occurred and is not continuing. The transaction includes eligibility criteria and concentration limits for the collateral pool.
