Bloomberg: LendingClub in talks with Western Asset for funding deal
A subsidiary of Legg Mason (NYSE:LM), Western Asset Management would commit to purchasing a certain amount of LendingClub’s (LC+0.3%) loans each month, and up to $1.5B worth over time, according to the report.
A deal could be announced in the next few weeks.
Alongside an earlier story about $5B in funding for Prosper Marketplace loans, it suggests the reopening in what had been a closing window for funding for online lenders.