BOCA RATON, Fla., June 26, 2015 (GLOBE NEWSWIRE) -- via PRWEB - CircleBack Lending, Inc. has completed the first securitization of consumer loans originated through its online marketplace lending platform. The $106 million securitization was structured and sold by Jefferies, a global investment banking firm.
Last September, CircleBack announced a forward purchase agreement with Jefferies, in which the investment bank has agreed to purchase up to $500 Million in consumer loan assets originated on the CircleBack platform, with the goal of creating an ongoing securitization program. "This successful bond offering marks the first of what we believe will be many more to come with Jefferies and others," commented CircleBack's CEO Michael Solomon.
Over the last 12 months, there have been a handful of similar consumer loan offerings, including transactions by Blackrock and Garrison Investment Group with Prosper Marketplace collateral. Brian McGrath, Co-Head of Asset Backed Securities at Jefferies, expects that securitizations of multiple online lending platform collateral will continue to increase as institutional investors become more involved in purchasing consumer loan assets. " We are pleased to help CircleBack achieve its objectives," McGrath said.
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About CircleBack Lending, Inc. (https://www.circlebacklending.com)
CircleBack Lending is an Internet-based marketplace (also known as peer to peer) lending platform that provides prime consumers in the United States with a fast and efficient way to borrow money at attractive interest rates. CircleBack also offers institutional investors a robust, transparent platform to invest in consumer loans.
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