VPC Speciality Lending has entered into a new arrangement with an existing platform and two arrangements with new lending platforms.
Victory Park Capital, the manager, will be the largest initial purchaser of marketplace loans from Avant Institutional Marketplace. VPC Speciality Lending is participating in this marketplace facility. Victory Park Capital was an early financial partner of Avant, a leading online lending platform, which began offering consumer credit in early 2013. They’ll also purchase marketplace loans over the next two years from Prosper, a San Francisco-based peer-to-peer consumer lending platform and one of the largest, with more than $3 billion of loans outstanding.
Victory Park Capital has agreed to provide a $50 million senior secured loan facility and $2 million of senior secured convertible notes to Credit junction, one of the platforms that GLI Finance invested in. The Company has participated in this balance sheet facility. Credit Junction is a technology-enabled lending platform providing fully collateralised senior secured loans to small and mid-sized industrial and manufacturing businesses, with an emphasis on companies within the aerospace and defence, oil and gas, power, agricultural services, automotive, and transportation industries.
With these deals, VPC Speciality Lending has committed 52% of the capital it raised in its IPO.
VSL : VPC Speciality Lending now 50% invested