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Online Lending

EuropeNews RoundupOnline Lending
·Dec. 21, 2016

LendInvest Launches New Auction Finance Product

Marketplace lender LendInvest has launched a new auction finance product to more rapidly service its customers; the firm offers short term property financing; the auction financing product will service brokers and their clients who are seeking funding for properties bought from a real estate auction; the auction product will offer one to 12 month term loans ranging from 75,000 British pounds ($92,775) to 7.5 million British pounds ($9.28 million); LendInvest has originated over 800 million British pounds ($990 million) in loans over the last three years and also recently introduced a development exit product in October.  Source

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EuropeNews RoundupOnline Lending
·Dec. 21, 2016

RateSetter Sells Non-Performing Debt

RateSetter has sold non-performing debt to debt purchaser 1st Credit; source says the sale was for 2.1 million British pounds ($2.6 million) of non-performing loans originated between 2010 and 2015; the sale goes beyond the company's standard plans for default collection and coverage which include support from one of the industry's most well-known provision funds; the RateSetter Provision Fund promises to cover defaults for borrowers and is valued at approximately 22 million British pounds ($27.2 million); with expected losses of approximately 19 million British pounds ($23.5 million) it currently has a coverage ratio of 118%.  Source

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News RoundupOnline LendingUSA
·Dec. 21, 2016

Citizens Bank Partners with Fundation to Offer Small Business Loans

Citizens Bank has entered into a partnership with Fundation to extend capital to small businesses; Citizens Bank will offer a digital solution so small businesses can apply and get a loan through one process; businesses who don't meet Citizens' credit profile will then be underwritten by Fundation; this is the second fintech partnership for Citizens Bank as they recently entered into a partnership with digital wealth management service SigFig.  Source

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FinanceNews RoundupOnline Lending
·Dec. 21, 2016

Marketplace Lending Securitizations Trending with Market

JPMorgan asset-backed securities (ABS) analysts have highlighted marketplace lending securitizations, noting their growth and trending performance; cite marketplace lending ABS as one of the fastest growing securitization categories, increasing from $3.3 billion in 2013 to $9 billion in 2016; also say performance is better or similar to the broad market's ABS consumer loan securitizations overall with higher returns and lower default rates; additionally, the analysts report that credit characteristics on Avant's securitizations have improved.  Source

 

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News RoundupOnline LendingUSA
·Dec. 21, 2016

Argon Credit Files for Chapter 11 Bankruptcy

Marketplace lender Argon Credit has filed for Chapter 11 bankruptcy; its loan underwriting was centered around machine learning algorithms which it marketed as decisioning as a service; offered subprime loans from $2,000 to $35,000 with APRs ranging from 4.99% to 149%; in May 2015 it secured a $75 million debt funding investment from credit hedge fund, Princeton Alternative Funding; prior to that it had raised $5.05 million.  Source

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News RoundupOnline LendingUSA
·Dec. 21, 2016

Bank Partnerships a Positive Growth Factor for Avant in 2017

Avant's new partnership with Regions bank is helping growth projections and business development plans for the firm in 2017; Avant says the Regions partnership which began in October is expected to generate 25% of the firm's loan volume in 2017; the partnership includes referrals from Regions for customers who are not approved for loans; the firm also has four other partnerships planned for 2017; it plans to hire 125 new employees and is targeting monthly loan volume for 2017 of $250 million; also says it's launching a credit card product in July; the credit card will be offered to customers not approved for loans on the platform.  Source

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EuropeNews RoundupOnline Lending
·Dec. 22, 2016

Landbay Receives FCA Authorization

UK marketplace lender Landbay has been granted full authorization by the Financial Conduct Authority (FCA); the platform primarily lends to borrowers seeking rental property mortgage loans; with the FCA authorization the Landbay platform can now seek to offer innovative finance individual savings accounts to its investors.  Source

 

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EuropeNews RoundupOnline Lending
·Dec. 22, 2016

VPC Sells Funding Circle Loans

The Victory Park Capital Specialty Lending Fund has sold its Funding Circle loans; as of October 31, the Funding Circle loans accounted for 7.7% of the portfolio's net asset value; the sale follows the company's announcement to reallocate its portfolio to more of a balance sheet strategy.  Source

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News RoundupOnline Lending
·Dec. 22, 2016

Are Online Lenders Taking a Share of Banks’ Small Business Customers?

News RoundupOnline Lending
·Dec. 22, 2016

Lend Academy Article: The New Intersection of Banks and Marketplace Lending

Lend Academy reports on the intersection of banks and marketplace lending in their article; Zopa, the industry's first P2P lender, is leading the way again; it is now the first P2P platform to seek a bank license; SoFi also says it has plans to take deposits and has been leading the market in product expansion; at the same time digital banks are becoming more prevalent and fintech partnerships are occurring industry wide.  Source

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