Eaglewood Capital Management has closed a $75 million unrated securitization of P2P consumer loans, its second such transaction.
The asset manager said in a release today that the deal bundles unsecured loans originated through the LendingClub Corporation platform.
Eaglewood Income Fund I bought the loans — all with a three-year tenor — and then securitized them. The borrowers in the underlying pool have a weighted average FICO score of over 695 and the loans bear a weighted average interest rate of 11%-12%.
The arrangers on the deal were Waterford Capital and Bonwick Capital Partners.
“The asset-backed market is clearly welcoming online marketplace loans as a new and upcoming asset class,” said Bonwick Managing Director Ray Gatten in the release.
More than $1.8 billion of loans was originated on the LendingClub platform in the first half of the year. Seven years since its inception, the company continues to grow quickly. Origination has been climbing in every quarter, crossing the $1 billion threshold for the first time in Q2014.