CommonBond, an online lender that specializes in student loan refinancing, announced Monday that it has sold $150 million of bundled loans to investors.
The securitization deal comes at a time when many
CommonBond has a substantially different business model than many other online lenders. The New York firm, founded in 2013, focuses on refinancing debt for relatively low-risk borrowers and
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Suddenly, online lenders are struggling, or paying higher prices, to attract the institutional money that has fueled their rapid rise.
April 13 -
CommonBond, a New York firm that makes student loans through an online platform, said Tuesday that it has raised more than $275 million in debt funding from Barclays and others.
January 5 -
CommonBond has expanded its student loan refinancing program to more than 2,000 universities at the graduate and undergraduate levels.
September 22
The assets in the deal were purchased by insurance companies, banks, credit funds and asset managers, CommonBond said in a press release.
The transaction was rated by DBRS. Barclays and Goldman Sachs served as co-lead managers on the deal, according to the press release.
