NEW YORK--(EON: Enhanced Online News)--National Alliance Capital Markets proudly announces the completion of the Eaglewood Consumer Loan Trust 2013-1 asset-backed securities offering for Eaglewood Income Fund I, LP, a consumer credit fund managed by Eaglewood Capital Management LLC. Waterford Capital and National Alliance Capital Markets acted as Placement Agents to execute the transaction for Eaglewood, which is the first-ever securitization of peer-to-peer consumer loans. The transaction was a senior/subordinated structure that included $40,000,000 of Class A Notes and $12,800,000 of Class B Certificates and also featured a revolving period whereby collections will be reinvested in additional loans post-closing. The securities are backed by prime unsecured consumer loans that were purchased by Eaglewood’s flagship fund from LendingClub Corporation, which will also service the loans on Eaglewood's behalf.
“This transaction will further increase investor demand in the peer-to-peer asset class and paves the way for future securitizations”
"This was a novel transaction and we are excited for Eaglewood to be the first securitization issuer in the peer-to-peer industry. Access to the securitization market sets Eaglewood apart from others competing in the space and provides them with a diversified, low-cost financing alternative,” said David Piotrowski, Managing Director at Waterford Capital.
Jonathan Barlow, CEO at Eaglewood, added, “we are very pleased to complete the transaction as it provides Eaglewood with access to the capital markets and an additional funding source. To be the first issuer in the space is a testament to the success of our fund.”
“This transaction will further increase investor demand in the peer-to-peer asset class and paves the way for future securitizations," said Ray Gatten, Managing Director at National Alliance Capital Markets, New York.