美国P2P借贷市场.ppt

Presented by Julia Lu DateJuly 19, 2016 P2P and Marketplace Lending Discussion Topics Current market Rapid evolution of Marketplace Lending How does it work? Legal and regulatory frameworks Treasury CFPB Licensing Diligence framework for investment opportunities * Growth * Total Originations: $11 Billion $4 Billion Addressable Market * Evolving Market Segments * Foundation Capital 2015 Transition of Funding Sources Peer-to-Peer Lending relies on web-based platforms to directly connect borrowers and lenders Marketplace Lending relies on the commitments of institutional investors * Investing in Marketplace Lending Funding platforms Purchase equity in platform Purchase loans (whole / fractional) Provide warehouse lines Securitizations Funding asset managers providing and seeking liquidity Warehouse lines Securitizations Leverage Traditional banks developing platforms Traditional banks partnering with existing platforms Derivatives * Current Liquidity Providers Fractional/Whole loans Hedge Funds (e.g. Garrison, Blackrock) Banks (e.g. Union Bank / Lending Club) Securitizations are increasing in size and frequency Top tranche can be rated Sofi (platform) Eaglewood (fund) Developing derivative and insurance products PeerIQ SLMX No robust secondary market, but its development is a major focus for the industry * Background: Basic Template 1. Consumer applies for loans on website $1k-$35k; 2, 3 or 5 year; monthly payment; fully amortizing (from Lending Club, but fairly standard) Consumer provides credit-related data (e.g. income, other debt) 2. Platform Analyzes Borrower Credit Based on traditional credit-related data (e.g. income, credit score) as well as additional data (e.g. web-browser, spelling errors in request narrative) Platform determines interest rate and a proprietary credit score (Lending Club rates range from 5% to 30%) * Background: Basic Template 3. “Lenders” are offered the opportunity to participate in the proposed loan Mature platforms