CommonBond, an online lender that specializes in student loan refinancing, announced Monday that it has sold $150 million of bundled loans to investors.
CommonBond has a substantially different business model than many other online lenders. The New York firm, founded in 2013, focuses on refinancing debt for relatively low-risk borrowers and boasts that no customers have ever defaulted on its loans.
The assets in the deal were purchased by insurance companies, banks, credit funds and asset managers, CommonBond said in a press release.
The transaction was rated by DBRS. Barclays and Goldman Sachs served as co-lead managers on the deal, according to the press release.