Orchard Platform in New York has added two nonbank lenders to its marketplace lending service that matches institutional investors with loan originators.
Orchard on Thursday said it reached agreements with Auto One Acceptance, an automobile lender in Dallas that focuses on Hispanic borrowers, and Interface Financial Group, an accounts receivable funding service in Bethesda, Md. Terms of the agreements were not disclosed.
Orchard provides services to institutional investors who want to buy loans made by online platforms. Changes to securities law ushered in by the 2012 JOBS Act allowed for the packaging and resale of loan notes.
Corrected May 26, 2015 at 12:28PM: The description of the company Orchard Platform was updated to say it provides services for buying loans made by online platforms; an earlier version of this story said Orchard operated a marketplace for bundled, securitized loan notes.