By Daniel Lanyon on Tuesday 16 May 2017
The Prosper Issuance Trust has been rated favourably by the Kroll Bond Rating Agency.
US marketplace lender Prosper is prepping a $450.5m consumer loan ABS transaction that is expected to close on May 24, 2017.
Prosper announced it had agreed a $5bn programme of securitizations backed by a consortium of investors including credit Suisse and George Soros’ Soros Fund Management LLC.
Founded in 2005, Prosper operates an online marketplace lending platform where personal instalment loans are offered to prime and near prime customers. The loans in PMIT 2017-1 were all underwritten as Standard Product Loans under the WebBank and Prosper Credit Guidelines.
The transaction represents the sixth securitization collateralized by unsecured consumer loans originated through the online marketplace lending platform operated by Prosper.
The transaction has initial credit enhancement levels of 43.9 per cent for the Class A Notes, 31.05 per cent for the Class B Notes and 10.40 per cent for the Class C Notes.
Credit enhancement consists of excess spread, overcollateralization, subordination (in the case of the Class A and Class B Notes) and a reserve account funded at closing.
Source: AltFi Data