Commercial lending

The New York-based online lender plans to spend an additional $15 million next year, largely on bank partnerships and international expansion.

Marlette sharply reduced the share of sub-700 FICO borrowers, while also tightening a trigger tied to cumulative loss rates to enhance investor protections.

It's the first time any of the rating agencies has assigned an AAA for any securitization of consumer loans by a marketplace lender.

The Federal Reserve is getting more concerned about risks from the leveraged loan market, with a key official saying it's now taking a "closer look" at whether banks are chasing deals without adequately protecting themselves against losses.

The $286.4 million deal is an important test for Upgrade, which has raised $142 million of equity over the past two years but has yet to turn a profit.

ODX will pursue deals with banks that want to use the New York lender’s technology to offer online small-business loans.

The transaction's note size is to be determined, but is backed by €750M in lease-backed receivables, compared to €1.5 billion in VW's most recent German lease ABS in May.

The deal benefits from lower credit enhancement requirements after pooling higher FICOs and more seasoned contracts; but residual values continue to decline for the German automaker.

Gov. Jerry Brown’s administration sent letters Wednesday to 20 nonbank lenders that charge triple-digit annual percentage rates to try to determine if their use of online referrals is steering borrowers into larger loans than they want or need.

The House of Representatives passed two bills that would tie appraisal waivers for Small Business Administration loans to bank rules for commercial real estate loans, despite objections from the Appraisal Institute about its members being cut out of transactions.