J.P. Morgan Chase & Co. has agreed to acquire nearly $1 billion worth of personal loans arranged by LendingClub Corp., according to people familiar with the deal. The portfolio, worth just over $900 million and comprising loans made to consumers with an average FICO score of about 700, was sold for a premium to the outstanding balance on the loans, one of the people said. The...
According to the Wall Street Journal last night, J.P. Morgan Chase & Co. has agreed to acquire nearly $1bn in personal loans arranged by LendingClub. The portfolio, worth just over $900m, is comprised of loans to consumers with high credit ratings and was sold for a premium to the outstanding balance on the loans. In an announcement yesterday, JP Morgan said it would pay $1.5bn, or about $2.6b, in cash plus another $215m in subordinated notes.