As it looks to broaden its funding mix, Pagaya Technologies finalized a $460 million revolving facility for personal loans. The financing is backed by consumer loans and includes a two-year revolving window.
In a typical asset-backed deal, the loan pool is largely set after closing. Here, any extra cash generated during the 24 months can be recycled into new loans, giving Pagaya committed capital it can reuse as it originates more loans. The company says this facility could deploy about $850 million over its revolving period.
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This marks the second revolving arrangement Pagaya has executed this year. The first arrived in January, when the company completed a $350 million deal supported by personal loans and received capital from 26North Partners. That deal also carried a 24-month revolving period and had capacity of roughly $700 million over its life. In a separate step, the company recently struck a forward flow pact with Neuberger Berman's asset-based financing unit to buy up to $700 million in auto loans. Recent headlines around the company also included "Blue Owl Inks $2.4 Billion Deal for Pagaya Consumer Loans" and "Pagaya Boosts FY Adjusted Ebitda Forecast, Beats Estimates."
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