Funding Circle has struck a further coronavirus business interruption loan scheme (CBILS) securitisation, this time with Sixth Street Capital Partners and Barclays.
According to Global Capital, in late January the peer-to-peer lending platform closed the deal with Redange – a vehicle controlled by Sixth Street Capital Partners – acting as the junior noteholder. Barclays is funding the senior tranche.
It is thought that Funding Circle’s securitisation was a private transaction with a CBILS investor, creating a funding structure that provides mechanisms for the investor to have access to a CBILS portfolio.
A previous securitisation took place with Circle Funder 2 acting as the vehicle and Chenavari Investment Managers as a junior noteholder.
Funding Circle, which became the first P2P lending platform to be accredited to CBILS in April, said in its latest trading update, that as of 15 November it had originated £1.35bn in loans under the scheme and had approved £1.85bn in CBILS loans.
In November, the lender’s UK managing director Lisa Jacobs said that the platform had already lent more than £800m to UK businesses under CBILS.
Meanwhile, Prestige Capital Management, acting through its lending arm Nucleus Commercial Finance, sold a £100m senior tranche in its CBILS securitisation to what it called an “undisclosed large US financial institution”. This was Pollen Street Capital, according to UK companies registry.
Pollen Street Capital works with a range of alternative lenders, including several UK-based P2P platforms and acts as fund manager for Honeycomb Investment Trust, a listed firm which specialises in alternative finance.
It recently partnered with Downing’s property finance division to fund residential development finance and bridging deals for developers.