SmartBiz is expanding its Small Business Administration (SBA) loan offerings to include a new online SBA commercial real estate loan; SmartBiz is an online marketplace providing small business owners with SBA loan financing options facilitated through banks; its new commercial real estate offering will include the SBA 7(a) commercial real estate loan. Source
AutoGravity has launched a new mobile financing app; the app allows consumers in California to choose a car and receive four financing options through the mobile app; the buyer can arrange all of the pre-sale details through the mobile app making the completion of the deal at the dealership fast and convenient. Source
The Federal Open Market Committee raised its target for the federal funds rate to 0.50% to 0.75% at its December meeting; Fed officials also signaled a more aggressive approach for rate increases in 2017 with projections showing the potential for three more rate increases next year; improvements in the labor market, positive GDP growth and stable inflation were key market factors for the rate increase. Source
Patch of Land has filed a Form D 506c with the Securities and Exchange Commission; it seeks to raise $3.2 million in debt capital with a minimum investment of $250,000; the company has already raised $1.5 million; the company raised a total of $23.6 million in 2015 and has facilitated over $100 million in loans. Source
BlueVine raised $49 million in a Series D funding round from existing investors including Lightspeed Venture Partners; BlueVine has so far provided $200 million in working capital and says they are on track to lend out $500 million in 2017; BlueVine credits partnerships for a lot of their success, in particular the deal with QuickBooks who says the BlueVine offer is very popular among users. Source
One, Inc. has announced the closing of a Series B funding round which raised $20 million for the firm; the Series B funding follows a Series A funding round in 2014 and brings total capital raised to $36.7 million; investors in the Series B funding round included AXA Strategic Ventures, MassMutual Ventures and H&Q Asia Pacific; over the past three years the company has tripled its annual revenue and quadrupled its number of customers; offers a full Software-as-a-Service (SaaS) platform that provides for all the core functions an insurance company needs; provides solutions for both new market entrants and large insurance providers seeking new technology platforms; it plans to use the new capital to add products and business lines as well as for global expansion. Source
ApplePie Capital has received endorsement from Fifth Third Bancorp as more large banks take an interest in marketplace lenders; Fifth Third Bancorp participated in a funding round that resulted in a $16.5 million investment for ApplePie Capital; Lend Academy provides details in their article; the funding will help ApplePie Capital continue to improve its market positioning; it currently provides loans for franchisees affiliated with its 40 franchise brand partnerships. Source
US legislators have proposed that student loan debt be discharged in the case of bankruptcy; the current law gives added protection to student loan lenders by requiring the debt to be repaid in bankruptcy; lawmakers and lobbyists are also considering other provisions that would provide debt relief to student loan borrowers who have filed for bankruptcy; while the debt relief initiatives will benefit borrowers, the effects will add increased default risk for investors in private student loans and private student loan securitizations. Source
First Republic Bank has acquired Gradifi, a student loan repayment technology platform; the platform offers technology that allows employers to make contributions to the student loans of their employees; an increasing number of employers have been integrating student loan contributions with their benefit plans; Gradifi will become a wholly-owned subsidiary of First Republic Bank and the acquisition will help it to meet the increasing demand for its technology. Source
CommLoan has obtained $2.25 million in seed funding from Social Leverage and ViaWest Group; the firm is the first to offer an online marketplace for commercial mortgage borrowers; it makes loans directly to commercial mortgage borrowers and also uses a network of lending partners to match borrowers with lenders; the firm plans to use the funding for business development. Source