Ares Management is providing up to $100 million in financing to LendingPoint. Atlanta-based LendingPoint is a direct loan provider.
KENNESAW, Ga.–(BUSINESS WIRE)–October 14, 2015–LendingPoint, a leading Atlanta-based FinTech direct loan provider, announced today its signing of a credit facility that provides up to $100 million of funding capacity with funds managed by the Tradable Credit and Direct Lending Groups of Ares Management. With this line of credit, LendingPoint will be able to provide enhanced loan options to fair credit consumers and enhance LendingPoint’s ability to fulfill its innovative mission to help fair credit consumers unlock access to affordable loans.
“We are thrilled that this additional debt capital will help even more fair credit consumers get better loans. With this credit facility, we will be able to make even more funds available to more people and grow with the demands of the market, as we continue our rollout across the U.S. By the end of the year, our loans will be available in states that reach more than 50 percent of the U.S. population,” according to Tom Burnside CEO, of LendingPoint.
In less than a year, LendingPoint has achieved remarkable success, expanding its operations to serve more customers and honing its proprietary scoring model. The company has become a real force in an underserved credit marketplace.
Victor Pacheco, LendingPoint’s Chief Operating Officer says, “We are one of the most responsive companies in the direct lending space operating today. This infusion will not only allow us to provide more loans to fair credit consumers, but will also enhance our customer’s interactions with real advocates committed to helping consumers achieve better lives.”
Atlanta-based LendingPoint, a leading FinTech direct loan provider, is on a mission to create a fairer lending environment by helping fair credit consumers unlock access to affordable loans. Their award-winning leadership team holds intellectual patents for unique modeling of data and credit scoring.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $88 billion of assets under management as of June 30, 2015 and more than 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles.