Willkie advises a consortium of institutional investors that will purchase the loans over the next two years.
On February 27, it was announced that Prosper Marketplace Inc. entered into a transaction to sell up to $5 billion worth of consumer loans through the Prosper platform over the next two years to a consortium of institutional investors represented by Willkie. Based in San Francisco, Prosper is a leading online consumer lending marketplace. Prosper’s online lending platform connects people who want to borrow money with individuals and institutions that want to invest in consumer credit.
The transaction was handled by partners Serge Benchetrit, Thomas French, Mark Getachew, David Katz, Mark Vandehaar and Jeffrey Goldfarb; senior counsel Richard Reinhold and associates Bradley Friedman, Michael Ispass, Thomas Spencer, Christina Castedo, Richard Hevier, Brian Palumbo, Ann-Christine Stepien, Benjamin Figoten and Robert Larimore.