LendingPoint gets $600 million credit facility at Libor plus 467 bps

By Sarah Lizee

Olympia, Wash., May 17 – LendingPoint closed an up to $600 million committed credit facility arranged by Guggenheim Securities, according to a press release.

“This blended interest rate on this most recent facility is exceptionally low – Libor plus 467 basis points – and the advance rate is 90%, underscoring that our lenders’ believe that our credit-first, balance-sheet business model works,” Tom Burnside, co-founder and chief executive officer of LendingPoint, said in the release.

In the last nine months, LendingPoint closed a total of $1.1 billion of senior credit. As previously reported, the company secured an up to $500 million committed credit facility in September 2017, also arranged by Guggenheim.

LendingPoint said the new funding is the latest development in its business that signals its rapid growth, which this financing will continue to fuel.

Guggenheim was the bookrunner for the facility, CBIZ MHM was the administrative agent and U.S. Bank NA was the note agent and paying agent.

LendingPoint is a balance sheet lender based in Kennesaw, Ga.

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