BorrowersFirst secures another $100m to power loan growth

Texas-based online lender BorrowersFirst has secured $100m in debt financing to accelerate loan originations and grow its balance sheet.

The senior debt commitment comes from Waterfall Asset Management, a specialist credit advisor focused on high-yield, asset-backed security and loan investments.

Austin-based BorrowersFirst allows users to check their credit rating without impacting their score and receive loans of between $2,500 and $35,000 to pay back across 36 or 60 months.

It funds its loan growth through combination of on-balance sheet debt facilities and whole loan sales.

The firm says it has now secured $400m on aggregate in capital to support its profitable growth.

BorrowersFirst CEO Dave Tomlinson said: “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.”

Since launching in 2014 the platform has originated as many as $275m in unsecured consumer loans.

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