LendingPoint secures up to $500 million for NearPrime loans
This week, LendingPoint announced major news about our business. As we said in our news release:
LendingPoint, the company working to revolutionize access to consumer credit, today announced that on August 22, 2017, it closed an up to $500 million credit facility arranged by Guggenheim Securities…
Today’s announcement marks one of the largest credit facilities raised in 2017 in the online consumer lending industry for a balance sheet lender, providing LendingPoint with additional capital to expand its products and services nationwide, at a significantly lower cost of funds.
Response was quick, led by Reuters, which interviewed LendingPoint CEO, Tom Burnside:
Tom Burnside, co-founder and chief executive of LendingPoint, said in an interview that the size of the facility was a “testimony to the performance of our asset.”
Some of the decline in investor appetite across the sector has been caused by the inability of investors to accurately predict yields for the loans, according to Burnside.
“We have not found that to be a problem because we’ve had good predictability,” he said.
AltFi News spoke with LendingPoint’s Juan Tavares, in its article LendingPoint secures up to $500m credit facility:
Juan Tavares, co-founder and chief strategy officer at LendingPoint, says the credit facility will help the company democratise the personal loan process.
“Today’s announcement marks an important step in our ability to make credit fair again for a huge segment of the population who are deserving, yet underserved,” he said.
A roundup of coverage of the LendingPoint announcement follows below:
- AltFi News, LendingPoint secures up to $500m credit facility
- AlternativeLending.io, LendingPoint Closes $500M Credit Facility
- American Banker, Consumer lending startup seals $500M credit line
- Atlanta Business Chronicle, Atlanta-based fintech lender secures $500 million credit facility
- Business Wire, LendingPoint Secures up to $500 Million Credit Facility Arranged by Guggenheim Securities *Press Release
- CrowdFund Insider, LendingPoint Completes $500 Million Credit Facility
- Digital Journal, LendingPoint Secures up to $500 Million Credit Facility Arranged by Guggenheim Securities
- Gadgets Now, Online lender LendingPoint secures $500 million credit facility
- Hypepotamus, Atlanta Fintech Startup Picks Up One of This Year’s Biggest Loans To Help More Underserved Consumers
- Investing.com, Online lender LendingPoint secures $500 million credit facility
- Lending Times, LendingPoint Closed On $ 500M Credit Facility In August
- Nasdaq, Online lender LendingPoint secures $500 million credit facility
- NewsCenter.io, LendingPoint Secures $500M Credit Facility to Democratize Consumer Loans
- NewsLine, Online lender LendingPoint secures $500 million credit facility
- Pymnts.com, LendingPoint Closed On $500M Credit Facility In August
- Reuters, Online lender LendingPoint secures $500 million credit facility
- Sepe,gr, Online lender LendingPoint secures $500 million credit facility
- Sys-con Media, LendingPoint Secures up to $500 Million Credit Facility Arranged by Guggenheim Securities
- The Daily Debit, Lendingpoint Closes $500m Credit Facility
- The Fiscal Times, Online lender LendingPoint secures $500 million credit facility
- Times of India, Online lender LendingPoint secures $500 million credit facility
- TradeBuddy, Online lender LendingPoint secures $500 million credit facility
Social Pickup:
- AltiFi: https://twitter.com/AltFiNews/status/910535035295555584
- AlternativeLending: https://twitter.com/SBLendingDaily/status/910497246948548608
- American Banker: https://twitter.com/AmerBanker/status/910528714223603712
- Anna Irrera, Reuters: https://twitter.com/annairrera/status/910502850584875010
- Gadgets Now: https://twitter.com/gadgetsnow/status/910534016046178309
- Newscenter.io: https://twitter.com/newscenter_io/status/910466385070960640
- Sepe.gr, https://twitter.com/SEPEgr/status/910503822442733569
- Times of India: https://twitter.com/TOIBusiness/status/910478787288088576
Tags: AltFi, American Banker, Atlanta Business Chronicle, breaking news, Business Wire, CrowdFund, Digital Journal, fintech, Lending Times, LendingPoint, Online Lender, press release, Reuters