AUSTIN, Texas--(BUSINESS WIRE)--BorrowersFirst (http://borrowersfirst.com), a national online consumer lending platform, announced today that it has secured an additional $100 million in debt financing to accelerate loan originations and fund continued growth of its balance sheet. With this new facility, BorrowersFirst has now secured an aggregate of $400 million in capital to support its profitable growth.
The additional $100 million senior debt commitment comes from Waterfall Asset Management, a SEC-registered specialist credit advisor focused on high yield asset backed security (ABS) and loan investments.
“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,” said BorrowersFirst CEO Dave Tomlinson. “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 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. BFI funds its loan growth with a combination of on-balance sheet debt facilities and whole loan sales.
BorrowersFirst loans are originated by Cross River Bank (CRB), a leader in marketplace lending. CRB is a New Jersey State chartered bank and Member FDIC.
BorrowersFirst, Inc. (“BFI”) is an online consumer lending platform organized around providing superior value and experience for our borrowers. We believe in putting our customers first. That means affordable, fixed rate personal loans that are backed by secure technology and friendly service. Headquartered in Austin, TX, BFI launched in late 2014 and has originated ~$275 million in unsecured consumer loans to date.
CRB is a full service New Jersey State chartered bank, member FDIC. CRB has developed strategic partnerships with financial technology leaders to build fully compliant and integrated solutions for the marketplace lending and payment processing arenas. CRB corporate web site: http://www.crossriverbank.com/.