Ldger completes first secondary auction

New York City fintech Ldger has successfully completed its first secondary whole loan trading auction of Prosper Marketplace loans. Ldger is a secondary market platform for marketplace lending assets.

The auction was the first platform-based, open secondary auction of its kind for marketplace whole loans, Ldger said.

“We were thrilled to have over 20 participants with just under 10 active bidders in our first auction,” Ldger CEO Hyung Kim said. “It was a solid validation for the need of a secondary market for marketplace lending.”

Ldger plans to cost bi-weekly auctions for multiple buyers and sellers. While currently supporting Prosper whole loans, coming auctions will add additional platforms.

“Secondary market volume and liquidity, whether through whole loan trading or through structured securitized products, are the keys to continued growth in marketplace lending,” Mr. Kim said

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