FORT LEE, N.J. & WILMINGTON, Del.--(BUSINESS WIRE)--Cross River Bank (“CRB”), an FDIC insured New Jersey State chartered bank and leader in marketplace lending origination, and Marlette Funding, a leading marketplace lender, have announced today that the completion of a $100 million transaction, a private, unrated amortizing warehouse facility. This transaction is the first completed jointly by an FDIC insured bank with a marketplace lender. CRB and Marlette Funding share the 12.5% equity tranche with Deutsche Bank AG, New York Branch acting as the lender in the transaction.
“CRB is proud to partner with Marlette Funding and demonstrates our joint commitment to the sector through our risk retention strategy. We believe this strategy will set a new industry standards of best business practices and broaden the appeal of MPL players.” Stated Gilles Gade, CRB’s CEO.
Adam Goller, CRB’s Chief Credit Officer added: “The MPL sector and all of its agents are not just participants in a fast growing marketplace; rather, we are collectively committed to being active stakeholders in a world-changing, innovative countercurrent. This can be achieved by providing liquidity sources such as this transaction to our marketplace lending partners.”
Jeffrey Meiler, CEO of Marlette Funding stated: “Marlette Funding and CRB remain committed to an innovative approach to marketplace lending and delivering tangible value to consumers in the form of strict adherence to compliance best practices, greater choices in funding solutions, lower costs, improved transparency and faster decision making in underwriting. Marlette benefits from CRB’s credit standards, regulation assurance and payment processing and the two companies work hand in hand for compliance and customer issues.”
About Cross River Bank
CRB is a full service New Jersey State Chartered FDIC-insured bank. CRB has developed strategic partnerships with financial technology leaders to build fully compliant and integrated solutions for the marketplace lending and payment processing arenas. As disintermediation and financial independence increasingly fuel the new economy, CRB is uniquely positioned to service both the established giants and the growing list of new entrants into these sectors. Corporate web site: www.crossriverbank.com.
About Marlette Funding
Marlette Funding, LLC, is a national personal loan marketplace based in Wilmington, DE. It was founded in August 2013 with the goal of offering a national loan program with consistent terms across every state. Their innovative online installment loan product branded Best Egg® has grown to $1 billion in loans in just over a year.
Consumer web site: www.mybestegg.com.