SAN
FRANCISCO, June 17, 2024 /PRNewswire/
-- LendingClub Corporation (NYSE: LC), the parent company of
LendingClub Bank ("LendingClub"), America's leading digital
marketplace bank, today announced that it has surpassed
$3 billion in loans sold through its
Structured LendingClub Loan Certificates program, which launched in
April 2023.
"Our structured certificates program is gaining strong momentum
among our loan investors because they recognize the value of
consumer credit as an asset class, the quality of our underwriting,
and our streamlined financing solutions," said Scott Sanborn, CEO of LendingClub. "The success
of this program, which is unique to us, is another indicator of our
status as a provider of choice in this asset class."
LendingClub's structured certificates program is a two-tranche
private securitization in which LendingClub retains the senior note
and sells the residual certificate on a pool of loans to a
marketplace investor at a predetermined price, effectively
providing built-in financing.
This program, enabled by LendingClub's unique marketplace bank
model, benefits both marketplace investors and the bank.
Marketplace investors earn compelling risk-adjusted levered returns
with low-friction and low-cost financing on a liquid security, and
LendingClub earns an attractive yield with remote credit risk.
"As the industry leader, we have a track record of substantially
lower delinquencies compared to our competitive set, which is key
to delivering strong returns for ourselves and our marketplace
investors," continued Sanborn. "That outperformance has resulted in
existing partners renewing their commitments, and new investors
coming to the LendingClub platform."
Throughout its long history, LendingClub has offered a range of
industry-first, unique product structures to expand investor access
to consumer credit, broaden distribution, and improve liquidity for
all investors. The structured certificates program is just the
latest example of that leading innovation.
About LendingClub
LendingClub Corporation (NYSE: LC) is the parent company of
LendingClub Bank, National Association, Member FDIC. LendingClub
Bank is the leading digital marketplace bank in the U.S., where
members can access a broad range of financial products and services
designed to help them pay less when borrowing and earn more when
saving. Based on more than 150 billion cells of data and over
$90 billion in loans, our advanced
credit decisioning and machine-learning models are used across the
customer lifecycle to expand seamless access to credit for our
members, while generating compelling risk-adjusted returns for our
loan investors. Since 2007, more than 4.9 million members have
joined the Club to help reach their financial goals. For more
information about LendingClub, visit
https://www.lendingclub.com.
Safe Harbor Statements
The series notes and residual certificates issued in the
LendingClub Structured Certificates Program have not been and will
not be registered under the Securities Act of 1933 or any state or
other jurisdiction's securities laws and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act of 1933 and applicable state or
other jurisdiction securities laws.
This press release will not constitute an offer to sell or the
solicitation of an offer to buy the series notes or residual
certificates or any other securities, nor will there be any offer,
solicitation or sale of the series notes, the residual certificates
or any other securities in any state or other jurisdiction in which
the offer, solicitation or sale would be unlawful.
Some of the statements above, including statements regarding the
performance and growth of the Structured Certificates Program, are
forward-looking statements. The words "expect", "anticipate,"
"believe," "estimate," "expect," "intend," "may," "outlook,"
"plan," "predict," "project," "will," "would" and similar
expressions may identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Factors that could cause actual results to differ materially from
those contemplated by these forward-looking statements include
LendingClub's ability to continue to attract and retain new and
existing borrowers and platform investors, the macroeconomic
environment, default rates and those factors set forth in the
section titled "Risk Factors" in LendingClub Corporation's most
recent Annual Report on Form 10-K, as filed with the Securities and
Exchange Commission, as well as in subsequent filings by
LendingClub Corporation with the Securities and Exchange
Commission. LendingClub may not actually achieve the plans,
intentions or expectations disclosed in forward-looking statements,
and you should not place undue reliance on forward-looking
statements. Actual results or events could differ materially from
the plans, intentions and expectations disclosed in forward-looking
statements. LendingClub does not assume any obligation to update
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Contact:
For Investors: IR@lendingclub.com
Media Contact: Press@lendingclub.com
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SOURCE LendingClub Corporation