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Fitch Affirms Halycon Loan Advisors Funding 2014-1 Ltd./LLC

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed the class X, A-1, A-2 notes and the class A loans issued by Halycon Loan Advisors Funding 2014-1 Ltd./LLC (Halcyon 2014-1) at ‘AAAsf’. The Rating Outlook remains Stable.

KEY RATING DRIVERS

The affirmation is based on the stable performance of the underlying portfolio since the transaction’s inception in March 2014 and the credit enhancement available to the notes. As of the Jan. 5, 2015 trustee report, the transaction continues to pass all of its coverage tests and collateral quality tests, and there have been no defaults in the underlying portfolio to date.

The loan portfolio par amount plus principal cash is approximately $402.4 million, compared to the effective date target par balance of $400 million, resulting in an increase in credit enhancement levels for the notes and the class A loans. The weighted average rating has remained in the ‘B/B-‘ range, and Fitch currently considers 3.1% of the portfolio (including unsettled trades) to be rated in the ‘CCC’ category versus 7.5% in the indicative portfolio at closing, based upon Fitch’s Issuer Default Rating (IDR) Equivalency Map. The weighted average spread (WAS) has increased to 5.7% from 5.1% at closing, relative to the trigger level of 4.4%. The weighted average life (WAL) is 5.0 years, which is below the trigger level of 7.2 years. The portfolio (including unsettled trades) is invested in approximately 96.1% senior secured loans and 3.9% second lien loans. In addition, approximately 91.9% of the portfolio has strong recovery prospects or a Fitch-assigned Recovery Rating of ‘RR2’ or higher.

The Stable Outlooks reflect the expectation that the class X, A-1, and A-2 notes and class A loans have a sufficient level of credit protection to withstand potential deterioration in the credit quality of the portfolio, based on the results of the Fitch sensitivity analysis described below.

RATING SENSITIVITIES

The ratings of the notes may be sensitive to the following: asset defaults, portfolio migration, including assets being downgraded to ‘CCC’, portions of the portfolio being placed on Rating Watch Negative, overcollateralization (OC) or interest coverage (IC) test breaches, or breach of concentration limitations or portfolio quality covenants. Fitch conducted rating sensitivity analysis on the closing date of Halcyon 2014-1, incorporating increased levels of defaults and reduced levels of recovery rates, among other sensitivities.

Halcyon 2014-1 is an arbitrage, cash flow collateralized loan obligation (CLO) managed by Halcyon Loan Advisors 2014-1 LLC (a wholly owned subsidiary of Halcyon Loan Management, LLC). The transaction remains in its reinvestment period, which is scheduled to end in April 2018. During the reinvestment period discretionary sales within a 12-month period are limited to 25% of the portfolio balance, as measured by the balance at the beginning of the preceding 12-month period. Sales of defaulted, credit-risk and credit-improved securities are permitted at any time, including after the reinvestment period, with the sale of credit-improved assets subject to certain restrictions. The manager also has the ability to reinvest unscheduled principal proceeds and sales proceeds from the disposal of credit risk assets after the reinvestment period, subject to certain conditions.

The class A loans were issued at close and include a conversion option to be converted into class A-2 notes. Once the option is exercised, the aggregate outstanding amount of the class A-2 notes will be increased by the outstanding principal amount of the class A loans and the class A loans shall cease to be outstanding. The conversion option may be exercised only once and no class A-2 notes may be converted into class A loans. The class A-2 notes continue to have a zero balance.

This review was conducted under the framework described in the report ‘Global Rating Criteria for Corporate CDOs’ using the Portfolio Credit Model (PCM) for projecting future default and recovery levels for the underlying portfolio. Given the stable performance of the deal since closing, no updated cash flow modeling was completed. The current portfolio’s ‘AAAsf’ Rating Default Rate (RDR) and Rating Recovery Rate (RRR) outputs from PCM are 53.1% and 38.8%, respectively, versus an RDR of 53.6% and RRR of 38.6% for the indicative portfolio at closing.

Initial Key Rating Drivers and Rating Sensitivity are further described in the New Issue Report published on Aug. 6, 2014. A comparison of the transaction’s Representations, Warranties, and Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that asset class is also available by accessing the reports and links indicated below.

Fitch has affirmed the following ratings:

–$1,575,000 class X notes ‘AAAsf’; Outlook Stable;

–$199,000,000 class A-1 notes ‘AAAsf’; Outlook Stable,

–$0 class A-2 notes ‘AAAsf’; Outlook Stable;

–$50,000,000 class A loans ‘AAAsf’; Outlook Stable.

Fitch does not rate the class B-1, B-2, C, D, E, F or subordinated notes.

Additional information is available at ‘www.fitchratings.com‘.

The information used to assess these ratings was sourced from periodic servicer reports, note valuation reports, and the public domain.

Applicable Criteria & Related Research:

–‘Global Structured Finance Rating Criteria’ (Aug. 4, 2014);

–‘Global Rating Criteria for Corporate CDOs’ (July 25, 2014);

–‘Counterparty Criteria for Structured Finance and Covered Bonds’ (May 14, 2014);

–‘Halcyon Loan Advisors Funding 2014-1 Ltd./LLC New Issue Report’ (Aug. 6, 2014)

–‘Halcyon Loan Advisors Funding 2014-1 Ltd./LLC – Appendix’ (Aug. 6, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Global Rating Criteria for Corporate CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753057

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Halcyon Loan Advisors Funding 2014-1 Ltd./LLC

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751434

Halcyon Loan Advisors Funding 2014-1 Ltd./LLC — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753097

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=979255

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratings Contact:

Fitch Ratings

Primary Surveillance Analyst:

Christine Choo, +1-212-908-0603

Director

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson:

Alina Pak, CFA, +1-312-368-3184

Senior Director

or

Media Relations:

Sandro Scenga, New York, +1-212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Affirms Academic Loan Funding Trust 2013-1 Senior Notes

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the Academic Loan Funding Trust 2013-1 senior notes at ‘AAAsf’. The Rating Outlook remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral is comprised of 100% rehabilitated Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch’s current U.S. sovereign rating is ‘AAA’ with a Stable Rating Outlook.

Sufficient Credit Enhancement: Credit enhancement (CE) is provided by overcollateralization (OC; the excess of trust’s asset balance over bond balance) and excess spread. As of September 2014, total parity is 103.85%, and excess cash can be released once the trust reaches the 104.00% parity level.

Adequate Liquidity Support: Liquidity support is provided by a $250,000 capitalized interest account and a $2.37 million reserve account. Funds remaining in the capitalized interest account will be released to the collection account on the December 2014 distribution date.

Acceptable Servicing Capabilities: Day-to-day servicing is provided by Pennsylvania Higher Education Assistance Agency (PHEAA) and Great Lakes Educational Loan Services, Inc. (GLELSI). Both servicers are acceptable servicers of FFELP student loans.

RATING SENSITIVITIES

Since the FFELP student loan ABS relies on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Initial Key Rating Drivers and Rating Sensitivities further described in the presale report titled ‘Academic Loan Funding Trust Series 2013-1 (US ABS)’, dated Nov. 8, 2013.

Fitch has affirmed the following ratings:

Academic Loan Funding Trust 2013-1:

–Class A at ‘AAAsf’; Outlook Stable.

A comparison of the transaction’s Representations, Warranties & Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that asset class is available by accessing the appendix that accompanies the initial presale report. Please refer to ‘Academic Loan Funding Trust Series 2013-1: Appendix’, published on Nov. 8, 2013 at www.fitchratings.com.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (Aug. 4, 2014);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (June 23, 2014);

–‘Academic Loan Funding Trust Series 2013-1 (US ABS)’ (Nov. 8, 2013);

–‘Academic Loan Funding Trust Series 2013-1: Appenidx’ (Nov. 8, 2013);

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (April 17, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

Academic Loan Funding Trust Series 2013-1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=722884

Academic Loan Funding Trust Series 2013-1 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=722961

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=925196

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch RatingsFFELP Contact:

Fitch Ratings, Inc.

Primary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations

Sandro Scenga, +1-212-908-0278

sandro.scenga@fitchratings.com […]

Asta Funding, Inc. Announces Financial Results for Third Quarter and Nine Months of Fiscal 2014

Announced Final Payment of the Remaining Amount of the Bank of Montreal Loan Recorded Forgiveness of Debt of Approximately $26.1 million in the Third Quarter Solid Growth in the Structured Settlement Unit, CBC Settlement Funding, LLC $96.2 Million Cash & Securities as of June 30, 2014

ENGLEWOOD CLIFFS, N.J., Aug. 20, 2014 (GLOBE NEWSWIRE) — Asta Funding, Inc. (ASFI) (the “Company”), a consumer receivable asset management and liquidation company, today announced results for the three months and nine months ended June 30, 2014.

The Company reported a net income of $5,464,000 for the three month period ended June 30, 2014, or $0.41 per diluted share, as compared to a net loss of $2,737,000 for the three months ended June 30, 2013, or $0.21 loss per diluted share. Total revenues for the three month period ended June 30, 2014 excluding the forgiveness of non-recourse debt and other income, were $9,837,000, a decrease of 20.0%, as compared to $12,290,000 for the three month period ended June 30, 2013. Included in total income of $36,274,000 for the three months ended June 30, 2014 is $26,101,000 of forgiveness of debt. The Company made the final payment of the remaining amount of the non-recourse debt due to the Bank of Montreal in June 2014, based on the Settlement Agreement signed in August 2013, which yielded this forgiveness of debt income. Also, included in revenues for the third quarter of fiscal year 2014 is $1,406,000 from structured settlements from the CBC Settlement Funding, LLC (“CBC”) with no comparative data in the third quarter of fiscal year 2013, as the acquisition of CBC was completed on December 31, 2013. On a pro-forma basis, CBC has more than doubled its Total Receivables Balance purchased in the six month period ended June 30, 2014 and the transaction volume has increased over 19% from the prior year six month period. Revenue from personal injury claims were $1,779,000 in the third quarter of fiscal year 2014 as compared to $2,287,000 in the third quarter in fiscal year 2013, as there was an increase in reserves during the current quarter. Year on year revenues have increased over 16% in the personal injury unit.

Net income for the nine months ended June 30, 2014 was $9,295,000, or $0.70 per diluted share, as compared to net income of $733,000, or $0.06 per diluted share, for the nine months ended June 30, 2013. Revenues for the nine months ended June 30, 2014, excluding the forgiveness of non-recourse debt and other income, were $29,221,000, a decrease of $2.5 million or 7.8% below the $31,677,000 reported for the nine month period ended June 30, 2013. Included in total income of $56,692,000 is the forgiveness of debt of $26,101,000. Revenues reported from CBC were $2,941,000 in the six month period ended June 30, 2014, the period in which CBC was included in the Company’s year to date results. Revenues from personal injury claims were $5,724,000 in the nine month period ended June 30, 2014 as compared to $4,921,000 in the nine month period end June 30, 2013, a 16.3% increase over the prior year.

Net cash collections of consumer receivables acquired for liquidation, including cash collections represented by account sales, were $10,041,000 for the third quarter of fiscal year 2014, as compared to $15,425,000 in the third quarter of the prior year. Included in the third quarter of fiscal year 2013 is $2,007,000 from net cash collections represented by account sales. Net cash collections represented by account sales are not material in the current fiscal year third quarter period. Net cash collections of consumer receivables acquired for liquidation, including cash collections represented by account sales, were $30,743,000 for the nine months ended June 30, 2014, compared to $42,038,000 in the nine month period ended June 30, 2013. Net cash collections on the Great Seneca portfolio were $2,781,000 in the third quarter of fiscal year 2014, as compared to $3,348,000 in the third quarter of fiscal year 2013. Net collections on Great Seneca were $7,749,000 during the nine months ended June 30, 2014 as compared to $8,989,000 for the nine months ended June 30, 2013.

Income from fully amortized portfolios (zero basis revenue) was $6,532,000 for the three month period ended June 30, 2014; a decrease from the $9,749,000 reported for the three month period ended June 30, 2013. Income from fully amortized portfolios was $20,195,000 for the nine month period ended June 30, 2014, as compared to $25,824,000 for the nine month period ended June 30, 2013.

General and administrative expenses were $7,012,000 for the three month period ended June 30, 2014, as compared to $6,545,000 for the three month period ended June 30, 2013. The increase reflects the inclusion of CBC and GAR National Disability Advocates, LLC (“GAR National Disability), as there is no comparable data included in the three month prior year period. General and administrative expenses were $20,517,000 for the nine month period ended June 30, 2014 as compared to $17,926,000 for the nine month period ended June 30, 2013. General and administrative expenses were higher during the current year nine month period as compared to fiscal year 2013, primarily due to the inclusion of CBC and GAR National Disability in the current nine month period.

Interest expense was $413,000 for the three month period ended June 30, 2014 as compared to $518,000 for the three month period ended June 30, 2013. Interest expense was $820,000 for the nine month period ended June 30, 2014 as compared to $1,621,000 for the same period of the prior fiscal year.

The decrease was primarily due to lower Bank of Montreal (“BMO”) interest, pay down of the BMO non-recourse debt, partially offset by the inclusion of CBC interest on its debt in the current nine month period.

The Company recorded $19.9 million in impairments during the three and nine month periods ended June 30, 2014 as compared to $10.1 million recorded in the three month period ended June 30, 2013 and $12.4 million recorded in the nine month period ended June 30, 2013. Included in the three month period ended June 30, 2014 is a $14.2 million impairment recorded on the Great Seneca Portfolio compared to a $10.1 million impairment recorded during the three month period ended June 30, 2013. The carrying value of the Great Seneca portfolio at June 30, 2014 was $21,601,000, as compared to $46,294,000 at June 30, 2013.

The Company, through a wholly owned subsidiary, made the final payment of the remaining amount on the non-recourse debt on June 3, 2014, paying off the balance at that time. The balance of the non-recourse debt to BMO was $54,250,000 at June 30, 2013. The debt balance of the CBC unit was $27,434,000 at June 30, 2014.

On June 3, 2014, Palisades Acquisition XVI, LLC (“Palisades XVI”), a wholly owned subsidiary of the Company, completed payment of the $15 million “Remaining Amount” identified in the August 2013 Settlement Agreement. This payment released Palisades XVI and affiliates from future liabilities with respect to the Receivables Financing Agreement, originally structured in March 2007. As the final payment included a $1.9 million voluntary contribution from the Company, Palisades XVI is now entitled to collect the next $16.9 million before BMO is entitled to 30% of the collections on the Great Seneca portfolio.

Gary Stern, President and CEO of the Company, commented, “We are pleased with the activities that have occurred during the third quarter of fiscal year 2014. Although the Great Seneca portfolio has had its challenges over the years, we are very satisfied with finalizing the agreement reached with the Bank of Montreal during the third quarter of fiscal year 2014. We appreciate the efforts of the Bank of Montreal. With the elimination of the non-recourse debt, it greatly increases our flexibility moving forward. Mr. Stern continued, “We are very excited about the progress of our structured settlement unit, CBC Settlement Funding, LLC. CBC contributed almost $3 million in revenue during the period ended June 30, 2014 and on a pro-forma basis, CBC has grown its book of business significantly from the prior year. We look forward to the continued growth and success of CBC. Also, GAR National Disability Advocates is in position to grow over the next year. Revenues are not material at this time, but we are looking forward to continued success in building the business. In addition, we continue to seek additional investments in, or acquisitions of, companies in the financial services industry.”

A conference call to discuss the results of the third quarter and first nine months of fiscal year 2014 will be held on August 20, 2014 at 4:00PM EDT.

Toll-free dial in number (US and Canada):

(800) 668-4132

International dial-in number:

(224) 357-2196

Conference ID: 89613216

Based in Englewood Cliffs, NJ, Asta Funding, Inc., is a leading consumer receivable asset management company that specializes in the purchase, management and liquidation of performing and non-performing consumer receivables. For additional information, please visit our website at http://www.astafunding.com.

This document contains “forward-looking statements” — that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: our ability to purchase defaulted consumer receivables at appropriate prices, changes in government regulations that affect our ability to collect sufficient amounts on our defaulted consumer receivables, our ability to employ and retain qualified employees, changes in the credit or capital markets, changes in interest rates, deterioration in economic conditions, negative press regarding the debt collection industry which may have a negative impact on a debtor’s willingness to pay the debt we acquire, potential regulation or limitation of interest rates and other fees advanced by Pegasus under federal and/or state regulation, a change in statutory or case law which limits or restricts the ability of Pegasus to charge or collect fees and interest at anticipated levels, plaintiff ‘s being unsuccessful in whole or in part in the litigation upon which our funds are provided, the continued services of the senior management of Pegasus to source and analyze cases in accordance with the underwriting guidelines of Pegasus, and such other factors that may be identified from time to time in our Securities and Exchange Commission (“SEC”) filings and other public announcements including those set forth under the caption “Risk Factors” in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended September 30, 2013. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Except as required by law, we assume no duty to update or revise our forward-looking statements.

– Financial Tables Follow

ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited)

Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
June 30, 2014 June 30, 2013 June 30, 2014 June 30, 2013 Revenues:

Finance income on consumer receivables, net $ 6,652,000 $ 10,003,000 $ 20,556,000 $26,756,000 Personal injury claims income 1,779,000 2,287,000 5,724 ,000 4,921,000 Unrealized gain on structured settlements 620,000 — 1,440,000 — Interest income on structured settlements 786,000 — 1,501,000 — Total revenues 9,837,000 12,290,000 29,221,000 31,677,000 Forgiveness of non-recourse debt 26,101,000 — 26,101,000 — Other income (includes ($116,000) and $17,000 during the three month periods ended June 30, 2014 and 2013, and ($141,000) and $192,000 during the nine month periods ended June 30, 2014 and 2013, respectively, of accumulated other comprehensive income reclassification for unrealized net (losses) / gains on available for sale securities) 336,000 378,000 1,370,000 1,628,000

36,274,000 12,668,000 56,692,000 33,305,000

Expenses:

General and administrative 7,012,000 6,545,000 20,517,000 17,926,000 Interest 413,000 518,000 820,000 1,621,000 Impairments of consumer receivables acquired for liquidation 19,901,000 10,148,000 19,901,000 12,351,000

27,326,000 17,211,000 41,238,000 31,898,000

Income (loss) before income tax expense (benefit) 8,948,000 (4,543,000) 15,454,000 1,407,000

Income tax expense (benefit) (includes tax (benefit) expense of ($47,000) and $5,000 during the three month periods ended June 30, 2014 and 2013, and ($57,000) and $76,000 during the nine month periods ended June 30, 2014 and 2013, respectively, of accumulated other comprehensive income reclassifications for unrealized net (losses) gains on available for sale securities) 3,464 ,000 (1,859,000) 5,676,000 498,000

Net income (loss) 5,484,000 (2,684,000) 9,778,000 909,000

Less: net income attributable to non-controlling interest 20,000 53,000 483,000 176,000

Net income (loss) attributable to Asta Funding, Inc. $ 5,464,000 $ (2,737,000) $ 9,295,000 $ 733,000

Net income (loss) per share attributable to Asta Funding, Inc.:

Basic $ 0.42 $ (0.21) $ 0.72 $ 0.06 Diluted $ 0.41 $ (0.21) $ 0.70 $ 0.06

Weighted average number of common shares outstanding:

Basic 12,984,882 12,954,455 12,979,472 12,946,521

Diluted 13,214,703 12,954,455 13,208,015 13,217,656

ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited)

June 30, September 30, 2014 2013

ASSETS

Cash and cash equivalents $ 26,017,000 $ 35,179,000 Available for sale investments 70,205,000 58,035,000 Restricted cash — 968,000 Consumer receivables acquired for liquidation (at net realizable value) 31,514,000 57,900,000 Structured settlements 35,892,000 — Investment in personal injury claims 31,733,000 35,758,000 Due from third party collection agencies and attorneys 1,138,000 1,169,000 Prepaid and income taxes receivable — 1,496,000 Furniture and equipment, net 656,000 1,106,000 Deferred income taxes 8,894,000 10,443,000 Goodwill 2,770,000 1,410,000 Other assets 4,990,000 4,383,000 Total assets $ 213,809,000 $ 207,847,000

LIABILITIES

Non-recourse debt — Bank of Montreal $ — $ 35,760,000 Other debt — CBC (including non-recourse notes payable amounting to $13.0 million at June 30, 2014) 27,434,000 — Other liabilities 2,723,000 2,486,000 Income taxes payable 3,084,000 — Total liabilities 33,241,000 38,246,000

Commitments and contingencies

STOCKHOLDERS’ EQUITY

Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — —

Common stock, $.01 par value; authorized 30,000,000 shares; issued — 12,985,739 at June 30, 2014 and 14,917,977 at September 30, 2013; and outstanding 12,985,739 at June 30, 2014 and 12,974,239 at September 30, 2013 130,000 149,000 Additional paid-in capital 62,648,000 79,104,000 Retained earnings 118,306,000 109,011,000 Accumulated other comprehensive income (loss) 22,000 (674,000) Treasury stock (at cost), 0 shares at June 30, 2014 and 1,943,738 shares at September 30, 2013 — (17,805,000) Non-controlling interest (538,000) (184,000) Total stockholders’ equity 180,568,000 169,601,000

Total liabilities and stockholders’ equity $ 213,809,000 $ 207,847,000

FinanceInvestment & Company InformationBank of Montreal Contact:

Robert J. Michel, CFO
Asta Funding, Inc.
(201) 567-5648

[…]

New EVEREST BUSINESS FUNDING Mobile Application Available on Apple App Store and Google Play

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New EVEREST BUSINESS FUNDING Mobile Application Available on Apple App Store and Google Play

EBF’s Free Application for Apple devices and Android devices will allow business owners in need of working capital to request business cash on-the-go!

Everest Business Funding Mobile App Launch

… request a Merchant Cash Advance and get the process started while on-the-go…

Miami, FL (PRWEB) June 06, 2014

Everest Business Funding, a leading provider of Merchant Cash Advances (MCA), a business loan alternative, for business owners in need of working capital is proud to announce the launch of their brand new mobile app for Apple and Android devices. This new app is tailored for business owners that are looking for fast capital. The EBF Mobile App gives business owners the ability to request working capital from direct funders. EBF understands that merchants are busy and always on-the-go.

Everest Business Funding has been improving their processes and making working capital accessible to small business owners across the nation.
“We are extremely excited about the launch of our mobile app,” said Chad Trattner, VP of Business Development; “…it will enable business owners in need of fast cash to request a Merchant Cash Advance and get the process started while on-the-go. The free app also features a live chat option to chat with an Account Executive instantly!”

Have you ever applied for a business loan from a bank through your phone? Have you ever gotten approved and funded in 24 hours? Probably not, that is what Everest Business Funding is making possible with the launch of their mobile app for Apple and Android devices.

Applying for a Merchant Cash Advance especially easy on the EBF Mobile App. Just fill out the short and simple application on your mobile device. Shortly after submitting your application, an Account Executive will contact you get the process started.

Everest Business Funding works with businesses in all industries. They can provide business owners with Merchant Cash Advances ranging from $5,000 to $750,000 with approval times as short at 1 business day. Get the mobile app today and apply for a Merchant Cash Advance, faster than a traditional business loan, to receive the working capital your business needs now!

iPhone Download

Android Download


[…]

Kiwibank increases home loan interest rates

Kiwibank has announced a number of changes to home loan and Term Deposit rates in response to higher costs of funding and the increase in the Official Cash Rate.

Variable and revolving credit home loan rates will increase from 5.65% p.a. to 5.90% p.a.. The Offset Mortgage rate will increase from 5.25% to 5.60%.

All Term Deposit rates from 30 days though to 150 days will increase by 0.25%.

These increases are effective on Monday 17 March for new customers and the home loan increases will be effective from 31 March for existing customers.

[…]

BBB Tip of the Week: Online loan brokers – Sun, 22 Sep 2013 PST

The Federal Trade Commission has shut down a phony online loan broker that claimed to be affiliated with a network of more than 120 payday lenders and boasted an 80 percent success rate of securing loans. Instead, the broker websites collected personal and financial information, including bank account information, and began making unauthorized withdrawals in small amounts from consumers’ accounts, totaling more than $5 million.

The FTC and a U.S. District Court froze the assets of the two defendants and halted the operation that consisted of five companies controlling websites with the names: Vantage Funding, Ideal Advance, Loan Assistance …

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The Federal Trade Commission has shut down a phony online loan broker that claimed to be affiliated with a network of more than 120 payday lenders and boasted an 80 percent success rate of securing loans. Instead, the broker websites collected personal and financial information, including bank account information, and began making unauthorized withdrawals in small amounts from consumers’ accounts, totaling more than $5 million.

The FTC and a U.S. District Court froze the assets of the two defendants and halted the operation that consisted of five companies controlling websites with the names: Vantage Funding, Ideal Advance, Loan Assistance Co., Palm Loan Advances, Loan Tree Advances, Pacific Advances, and Your Loan Funding.

The defendants also paid to obtain the financial information of others who never visited the payday loan websites and made unauthorized withdrawals from their accounts as well.

If you are looking for a short term loan, the BBB urges you to consider the following:

• Compare available offers, including those from credit unions, local banks and community business lenders and cash advances from credit cards. Choose the terms that fit your situation best.

• Research the lender at www.bbb.org and through an online search engine to check out its reputation.

• Make a budget of all of your expenses, including big and small.

• If you can’t make a loan payment, call your lender right away. They may be able to offer an extension.

• Once the loan is paid off, consider putting the amount equal to the monthly payment in a savings account. This can be a quick way to build up a buffer for the future.

When asked to share information online, stop and consider if the person or website requesting the information really needs to know.

To file a complaint with the BBB, visit www.bbb.org or call (509) 455-4200. You can also file complaints with the Washington State Attorney General’s Office at www.atg.wa.gov/ FileAComplaint.aspx and with the FTC at www.ftccomplaintassistant.gov.

Erin T. Dodge, BBB Editor

[…]

Cuccinelli's office sues internet payday lender charging 1,300 …

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Richmond, Va.Attorney General Ken Cuccinelli announced today has filed a lawsuit against Jupiter Funding Group, LLC , an Internet payday lender, alleging it is making illegal payday loans to Virginia consumers without having a valid state payday loan license.

The Virginia State Corporation Commission (SCC) requires every payday loan lender to obtain a license before conducting business in Virginia. Without a license, lenders can charge no more than 12 percent in annual interest on a loan. According to Jupiter Funding’s terms and conditions, the interest rates on its payday loans ranged anywhere from 438 percent annually for a 25-day loan to 1,369 percent annually for an eight-day loan.

The suit alleges that Jupiter Funding made loans to Virginia consumers through its web site, http://www.directpaydayfunds.com, from January 13, 2010, to the present without a license. Jupiter Funding’s business appears to be carried out exclusively through the Internet. Consumers are instructed to apply for loans through the company’s website, and after the loan applications are approved, Jupiter wires funds directly to the consumers’ bank accounts. As part of the application process, consumers are required to authorize Jupiter to directly debit loan payments from their bank accounts as well.

“Jupiter Funding has preyed on Virginia consumers by making high-interest rate loans over the Internet without any regulatory oversight. My office will continue to aggressively pursue those who violate Virginia’s consumer lending laws,” Cuccinelli said.

The Virginia payday loan laws generally define “payday loan” as a small, short-maturity loan on the security of a check, an assignment of an interest in a bank account, or an assignment of income payable to an individual. Violations of the payday loan statutes also violate the Virginia Consumer Protection Act (VCPA).

Cuccinelli’s office filed the lawsuit in the Arlington County Circuit Court, which requests that the court stop Jupiter Funding from violating the payday loan laws and the VCPA, as well as from collecting interest over Virginia’s legal limit of 12 percent when it does not have a license to do so. The suit also seeks consumer reimbursement of certain interest paid and civil penalties in the amount of $2,500 for each violation of the VCPA.

Though Jupiter Funding lists a Delaware address as its main address on its web site, the attorney general’s office believes that the company’s operations are actually based in the Kansas City area.

Assistant Attorney General Mark Kubiak and Senior Assistant Attorney General Dave Irvin are representing the commonwealth in this case.

[…]

Spotya! Payday Loan Reaches Consumers With a New and Improved Website

MURRIETA, Calif., July 17, 2013 (GLOBE NEWSWIRE) — Spotya! Payday Loan, an online payday lender based in Murrieta, CA, has made recent changes to their website. In an effort to provide consumers seeking payday loan online assistance with a faster, simpler, and more convenient way to apply, the Murrieta payday loan company has updated the way applicants apply and are approved.

Spotya! has been in the payday lending business since 2006 offering consumers a way to gain access to fast cash without credit requirements or lengthy applications. For people who need cash in a hurry and opt not to take the “traditional” route of borrowing, a short-term payday loan with Spotya! can be obtained by applying online from the comfort of one’s own home. Approval is based on the applicant’s monthly income and direct deposit. Funding can happen as soon as the next business day.

“Most of us know what it’s like to be in a bind financially. Whether your car has broken down, you have to see the dentist for an emergency crown, or you just can’t make it until your next payday, we fully understand the need for fast cash that doesn’t require going through the long and drawn out process that often times comes with borrowing from a bank,” says Dino Tagnani, CEO of Spotya! Payday Loan.

While some aspects of the web site will stay the same, the site itself is much easier to navigate and far more user friendly than before. One of the major goals of Spotya! is to make the sight as secure as possible while at the same time making sure private and confidential consumer information is not compromised in the process. The new site is also based on a “responsive design” format that allows mobile users to view information and apply for a loan the same way they would if they were accessing the site from their desktop or laptop. To apply for a payday loan with Spotya! go to www.spotya.com or call 1.877.689.2669.

Contact:

Laura Solomon
1.877.689.2669
laura@spotya.com

[…]

Business Cash Advance Guru.com Launches an Expansion Nationwide with Fast Merchant Cash Advance and Poor Credit …

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Business Cash Advance Guru Launches Expansion Nationwide

Now Review Merchant Loan Rates For Your Fast Business Cash Advance Needs

Nationwide States (PRWEB) July 09, 2013

During this same period, merchant cash advance loans have increased in volume, pointing to the fact that small companies are not securing funds from traditional banks.

In fact, “The U.S. Small Business Administration says the dollar volume of small business loans dropped 15 percent from 2008 to 2012. As credit has become harder to get, entrepreneurs have been less able to launch new companies,” reports the San Antonio News.

However, more review of the overall lending figures show an upward trend in poor credit merchant loans, as well as unsecured merchant loans, and even other nontraditional debt instruments, such as higher activity in lending products like merchant cash advance funding.

Credit unions were in part, shouldering some of the increased lending to small businesses, but they too, like the large corporate banks, have approved less small business loans, “During the Great Recession, banks battered by the financial crisis lent less to small businesses. Credit unions picked up some of the slack…credit union approval rates have fallen each month over the past year, according to the index, declining to 45 percent last month, from 57 percent in May 2012,” reports Bloomberg Business week.

Independent reviews of merchant loan rates likewise show that over the last several years, beginning in earnest in late 2008, large banks curtailed small business loan approvals, which is to the detriment of the overall economy. As a result, smaller sized companies are turning to alternative sources, such as poor credit merchant loans, having suffered the brunt of the economic downturn, causing them to take hits on their credit files.

Business Cash Advance Guru (Businesscashadvanceguru.com), a leading source of alternative business lending, states that its periodic reviews of merchant loan rates demonstrates the disparity between low interest and low small business loan approvals. In fact, the company has seen a marked improvement in its own bad credit merchant loans program.

Furthermore, the industry comprised of nontraditional lenders has come to the same conclusion after their separate reviews of merchant loan rates. The fact is small businesses are getting funds for their needs, be it to increase inventory levels, purchase equipment, buy more materials, expand into different geographic markets, hire more employees, or explore new avenues of revenue.

Without funding resources, small businesses have less independence and less ability to grow, “Researchers at the University of Texas at Austin, New York University and the University of California Los Angeles studied five years of start-up loan applications at Action Texas. Their conclusion: ‘Startups receiving funding are dramatically more likely to survive, enjoy higher revenues and create more jobs,’” according to the San Antonio News.

Downward pressure on the economy has especially affected the small business community. However, alternative lenders appear to be their saving grace. With more opportunity to acquire funds in a short period of time and not only survive, but also forge ahead, and even prosper.

Common alternative funding services (http://www.businesscashadvanceguru.com) now offers, through their nationwide expansion:

Restaurant Funding Business Cash Funds Fast Merchant Loans Unsecured Business Loans Merchant Cash Advance Small Business Loans Small Business Loans and Funding Business Loans and Business Funding Business Loans Unsecured Business Loans Business Line of Credit Hard Money Business Lending Merchant Cash Advance Lending Business Loan Alternative Bad Credit Small Business Loan Equipment Leasing and Financing Small Business Investors Unsecured Small Business Loans Unsecured Merchant Advance Business Cash Flow Funding Franchise Funding Physician Funding Medical Funding Media Funding Retail Funding Restaurant Loans Poor Credit Business Loans Business Working Capital

More services are available in addition to the above list through the website at: http://www.BusinessCashAdvanceGuru.com

The expanded services are also available to the following statewide geographical areas:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming.

In a statement released today the company stated that it was necessary to undertake major expansion strategies of its small business lending and bad credit business loans in a bid to ward off any strong competition from other lending service providers in the business financing industry. The ongoing expansions will also serve as a great advantage to the small business lending sector which is bound to grow with the companies funding capability.

About TieTechnology Business Solutions

http://www.businesscashadvanceguru.com is a division authorized by TieTechnology, LLC. TieTechnology, LLC. Specializes’ in service based solutions for businesses. Services provided by TieTechnology are merchant credit card processing, business service telecommunications, business cash advances on credit card processing platforms and web based visibility marketing. The advantages of doing business with TieTechnology is their commitment to their customer service excellence and the offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services, please visit http://www.tietechnology.com or http://www.businesscashadvanceguru.com.

TieTechnology, LLC
4532 W. Kennedy Blvd, Suite 182
Tampa, FL 33609

813-856-0223 x150
888-809-9243 x150


[…]

Horizon Business Funding Combines New Technology and Old-School Business Savvy

NEW YORK, NY–(Marketwired – June 19, 2013) – Horizon Business Funding is a merchant cash advance firm that is leading the industry in rate of growth. Horizon Business Funding gives existing businesses in all industries access to direct capital, providing restaurant business loan alternatives, automotive business financing as well as church financing, to name just a few of our programs.

Horizon Business Funding’s wildly successful expansion over the past month saw its sales and underwriting force double in size, with still more room available for qualified personnel. In order to maintain and build on this highly competitive standard of growth, the marketing department has been implementing innovative strategies to create a surplus of leads. One of the projects currently in beta testing is a proprietary front end tool that will revolutionize and facilitate ease of communication between sales representatives, underwriters, and merchants. Speaking on this hotly anticipated new software product, Mark Kabbash, Chief Marketing Officer, said, “This product will be integrated with a complete redesign of our website, which will compound on our already tremendously successful SEO initiatives. Looking at our Alexa.com rankings alone, you can see that we have increased our reported reach by 70% in three months. Our current SEO initiatives have placed us in the top 10 Google results for over 40 highly competitive queries, and the lead generation from this alone is increasing every day. The object of the site redesign combined with the development of this proprietary technology is to have the lead production we generate force the growth of sales and underwriting to keep pace.”

Horizon Business Funding’s success in disrupting the cash advance market in part stems from a history of excellence established by its founders, who were instrumental in the elevation of industry standards since the beginning of cash advance around 10 years ago, which started exclusively with the restaurant business. Roughly 3 years ago they spearheaded the adoption of ACH payments, which first allowed merchant cash advances to be repaid as a percentage of daily earnings. This innovation meant that small business owners were given much greater flexibility and security paying back their advances, as the collection method automatically accounts for dips in sales. Meir Hurwitz, CEO, speaking on what makes Horizon Business Funding unique, said, “We have the most experienced and talented people on our team, many who have been innovators in the merchant cash advance industry since it began. Because of this we have an extremely high success rate working with business owners that even other cash advance providers won’t clear for financing. We can fund people who have been in business for as short a time as two months, business owners with bad credit, those who have recently declared bankruptcy, home-based businesses, high risk industries, even non-profit organizations and churches. Horizon Business Funding is unique by virtue of providing these business owners with a funding source when their only other alternative might be to take money out of their personal savings or borrow from friends and family. We have seen many of these businesses that can’t get a bank loan for whatever reason flourish once they find out about our service. Most of them continue to call on us as they grow. We are addressing a population of business owners that truly want to expand and be successful, who are shut out from more traditional funding venues, or who can’t wait the protracted period of time it takes to get cleared for a bank loan. Ironically, these are the people who can benefit from funding the most, yet they are highly underserved.”

Media looking for more information can contact Andrew Greissman, Media Liaison, at 347-899-4190

About Horizon Business Funding

Horizon Business Funding is a provider of business loan alternatives in the form of merchant cash advances to small business owners, regardless of bad credit or other issues traditional banks use to disqualify funding applicants. We require no personal guarantees of collateral. The fact that we require no collateral from a business loans us a competitive advantage, as we can approve much faster. We fund businesses in any industry provided they have been operating for at least 2-3 months and have a monthly cash flow of $15,000. The efficiency of our underwriting department in vetting merchants with bad credit or in traditionally “high risk” industries including, but not limited to, trucking, liquor stores, construction, commercial fisheries and the automotive industry gives our representatives and the ISOs we work with a competitive advantage through the ability to get small business owners the funding they need when nobody else can. By promoting our core values of professionalism, efficiency and work ethic Horizon Business Funding has experienced exponential growth and is continuing along this trajectory.

Contact:

Horizon Business Funding
27 William St. New York, NY 10005
888-487-5509

[…]