J.G. Wentworth Inc. of Bryn Mawr said today that it completed the sale of notes worth $74.6 million.
Wentworth is a specialty finance company that buys future payments on assets that cannot easily be converted to cash, such as annuities and life insurance policies. Since 1992, Wentworth said, it has purchased $3 billion of future payment obligations from consumers.
Completion of the note sale reflects the confidence of institutional investors in Wentworth even in the current depressed market for asset-back securities, said John Calamari, the company's chief financial officer.
There have been few asset-backed deals in the current quarter, compared with 1,142 such deals last year, he said.