Niche non-bank financing specialists continue to move into areas previously dominated by the big banks, with securitisation once again featuring. Yesterday, two business loan providers raised further funding via securitisations. Coincidentally, each transaction was for a series of notes totalling A$450 million - one from Liberty Financial, and the other from commercial equipment manufacturer CNH.The Liberty Series 2018-1 SME transaction was the seventh issue of securities backed by a portfolio of the diversified finance company's small-to-medium enterprise loans, and Liberty's forty-fourth public term securitisation.The transaction comprised A$450 million of notes rated by Moody's Investors Service. The issue consists of a pool of SME mortgages with a weighted average loan-to-value ratio of 62 per cent and is seasoned at over four months. The Liberty Series 2018-1 SME transaction will settle on 16 August 2018.The $270 million Class A1 notes to be rated Aaa(sf) by Moody's have a weighted average life of about two years. These notes priced at a margin of 145 basis points over one month BBSW.The $90 million Class A2 notes to be rated Aaa(sf) have a weighted average life of about 3.6 years. These priced at a margin of 195 basis points over one month BBSW.The pricing of the Class B, C, D, E and F notes, to be rated Aa1(sf), Aa3(sf), A3(sf), Baa3(sf) and B1(sf), respectively, was not disclosed by the issuer. Westpac Banking Corporation was the arranger and is joint lead manager with Credit Suisse for the transaction.The second asset backed securitisation to be priced yesterday was the CNH Series 2018-1 A$ ABS. The agricultural and construction equipment manufacturer priced a securitisation of leases and loans from its financing arm. Over 95 per cent of the total asset portfolio underlying the notes, which have been issued for a total face value of A$450 million, is comprised of CNH's own manufactured goods. ANZ was the deal's arranger, and bookrunner and was one of the joint lead managers, along with RBC Capital Markets. Pricing was completed on 9 August 2018, with the top-rated A1 $115 million tranche priced at 73 basis points over three-month BBSW, with a weighted average life of just half a year. The A2 notes, with an issue price of $286 million and WAL of 2.3 years, were priced at 108 bps over three-month BBSW.