Both P2P Global Investments and VPC Speciality Lending have come out with statements saying they have no equity investment in Lending Club.
VPC Speciality Lending said “it does not hold a position in LendingClub Corp and has never had any exposure to them nor any loans originated by them”.
P2P Global said its investment manager is tracking developments at LendingClub carefully. The Company confirms that:
- it does not participate in LendingClub’s “near prime” program, which was the subject of the announcement made by LendingClub today;
- its purchase of LendingClub loans are restricted to the “prime” program offered by LendingClub; and
- it has no exposure to LendingClub equity or equity-linked securities.
The announcements follow the resignation of Lending Club’s chairman and chief executive, Renaud Laplanche. It appears as though Lending Club may have sold unsuitable loans to an investor in contravention of that investor’s instructions.
P2P / VSL : Online lenders distance themselves from Lending Club