Secondary Market Platform Ldger Conducts Inaugural Auction of Marketplace Whole Loans
April 08, 2016 (PRLEAP.COM) Business NewsApril 8, 2016 - Ldger, a secondary market platform for marketplace lending assets, today announced that it successfully completed its inaugural secondary whole loan trading auction of Prosper Marketplace loans. Wednesday's auction was the first platform-based, open secondary auction of its kind for marketplace whole loans.
"We were thrilled to have over 20 participants with just under 10 active bidders in our first auction," said Hyung Kim, CEO of Ldger. "It was a solid validation for the need of a secondary market for Marketplace lending."
Ldger auctioned off its own portfolio of Prosper whole loans totaling less than $500k. This first auction was a live test of the platform's technology and auction process. The company plans to conduct bi-weekly auctions for multiple sellers and buyers. The auction currently supports Prosper whole loans but will expand to include additional marketplace lending platforms.
Recent rumblings about the performance of this asset class brings the need for secondary liquidity into focus. "Secondary market volume and liquidity, whether through whole loan trading or through structured securitized products, are the keys to continued growth in marketplace lending." said Hyung Kim.
Ldger is a New York City-based FinTech startup offering secondary market solutions for marketplace lending assets. The company's platform underpins its whole loan trading auction and also features a user-driven structured finance solution for data-rich asset modeling, automated transaction execution, inventory discovery and aggregation. Learn more at www.ldger.com.