Online consumer lending platform, BorrowersFirst, announced on Wednesday it secured an additional $100 million in debt financing to accelerate loan originations, and fund the continuous growth of its balance sheet. With this new facility, the lender has secured $400 million to support its profitable growth.
According to BorrowersFirst, the $100 million senior debt commitment comes from Waterfall Asset Management; an SEC-registered specialist credit advisor focused on high-yield asset-backed security (ABS) and loan investments. BorrowersFirst CEO, Dave Tomlinson, explained:
“Receiving additional funding from another respected industry leader is further confirmation that our risk management, marketing focus and investment in the borrower experience are resonating. Waterfall is a great financing partner for us and we expect to expand our relationship with them as we accelerate growth in 2017 – growing our on-balance sheet outstandings from $200 million to $500 million while we continue to service and support our off-balance sheet loan buyers.”
BorrowersFirst notably combines commitment to customer experience and service with a technology enabled low cost operating structure to deliver some of the best customer satisfaction rates in the marketplace space, impressive customer growth, and strong operating cash flow. The lender funds its loan growth with a combination of on-balance sheet debt facilities and whole loan sales.