OnDeck extends $100 million asset-backed revolver, cuts pricing 50 bps

By Wendy Van Sickle

Columbus, Ohio, May 25 – OnDeck extended its $100 million asset-backed revolving credit facility with SunTrust Bank to November 2018 and reduced pricing by 50 basis points, according to a press release.

Loans will continue to be made to receivable assets of OnDeck, LLC, or RAOD, a wholly-owned subsidiary of OnDeck, to finance RAOD's purchase of small business loans from OnDeck.

The revolving pool of small business loans bought by RAOD is collateral for the SunTrust revolver.

OnDeck is a New York-based company that uses a proprietary credit scoring system to offer business owners financing solutions, including a range of term loans and lines of credit.

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