Online small business lender Bond Street has closed a loan purchase agreement with investment banking firm Jefferies. The deal renews the latter’s prior loan purchase agreement and expands the possible amount of its loan purchases up to $300 million.
“Jeffries has been an outstanding partner, and shares our vision for reinventing financial services through technology, data and design,” Bond Street cofounder and CEO David Haber said.
In a release Bond Street said it has extended its term product to include loans ranging from $10,000 to $1 million. The original range was $50,000-$500,000.
“Supporting entrepreneurs beyond the transaction is the cornerstone upon which we build our technology,” Bond Street cofounder and CTO Peyton Sherwood said. “We aspire not only to provide seamless access to capital, but also to serve as a proactive financial partner to our customers. Through deep integrations into financial software platforms, we automate financial analysis during underwriting, and programmatically monitor the health of our portfolio over time – surfacing key insights and risks to help our customers succeed.”
Since its founding Bond Street has raised more than $400 million in lending capital. Their leading investors include Spark Capital, Homebrew, Airbnb cofounder Nathan Blecharczyk and David Chang.
Bond Street offers one to three-year term loans with interest rates beginning at six per cent.
Tony Zerucha is the managing editor of Bankless Times.
A two-time LendIt Journalist of the Year nominee, Tony has written more than 2,000 original articles on the blockchain, peer-to-peer lending, crowdfunding and emerging technologies over the past seven years, making him one of the senior writers in the alt-fi sector.
"The evolution of the crowdfunding and peer-to-peer lending scenes is absolutely fascinating to chronicle. It is a joy to be around people with such passion and vision."