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The inaugural securitization for the Los Angeles-based lender will include $34.86 million in Class A notes, with an initial BBB rating from S&P Global Ratings.
ReadyCap Lending Small Business Loan Trust 2019-2 is a transaction of $131.03 million in Class A notes, secured by the unguaranteed interests of a pool of 1,101 small-business loans totaling $155.25 million.
According to a presale report from Kroll, the additional notes will carry the same ratings and terms on the five counterpart classes of $700 million in outstanding notes.
At a forum convened by the CFPB, several bank and fintech executives argued that long-delayed rules required under the Dodd-Frank Act can help fight discrimination and shine a light on unsavory practices in the market for small-business credit.
The acquisition of Radius Intelligence fits with the online lender's existing focus on small commercial borrowers.
The online SME lender is marketing $198.45 million in notes backed by U.S. originations. Funding Circle has previously issued ABS deals backed by small-business loans in its native UK.
The decision is a blow to OnDeck, which said Monday that it intends to pursue a bank charter, either by applying for one or by buying a bank.
The global alternative asset manager is buying a majority stake in the investment advisory of CM Finance, which lends and makes equity investments in middle-market companies.
The agency's spring rulemaking agenda includes the process for collecting small-business data as well as underwriting rules for GSE-backed loans. But what's missing from the list may be just as important.
Farmers were already taking on more debt to cover losses from falling crop prices. New tariffs and other retaliatory moves could hurt ag borrowers further and lead to loan losses and tighter underwriting.
The online small-business lender said it tightened its underwriting standards during the first quarter as credit quality worsened.
Instead the online lender will refer commercial prospects to two partner companies as it seeks to focus on its core personal lending business.
The findings of a new survey suggest that banks risk becoming irrelevant unless they match the speedier processes that are a key selling point for online lenders.
The online lender's recent completion of a $700 million securitization provided Jonathan Ebinger at BlueRun Ventures an opportunity to reflect on what he has learned about the power of alternative data.
Lenders are glad the agency worked swiftly through a backlog of paperwork, but they're worried funds will get cut off if the government closes again.
The tricky part: raising awareness without appearing to take advantage of borrowers at a time when agencies like the SBA are out of commission.
The online lender will roll out the business early next year with a focus on loans of less than $100,000.
Live Oak Bancshares became an SBA juggernaut by making loans, selling them and making more. With economic conditions changing, it is retaining more credits.
The transaction has a senior-note tranche with a double-A rating from DBRs, and is being arranged by Banco Santander.
ODX will pursue deals with banks that want to use the New York lender’s technology to offer online small-business loans.
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