OnDeck markets first ABS since Enova purchase

By Jennifer Kang
27 Apr 2021

Small business ABS lender OnDeck has returned to the market for the first time after it was acquired by consumer credit lender Enova. OnDeck’s new transaction is structurally more conservative than past deals and does not include a concentration limit on lines of credit loans, which historically perform better than the term loan product.

OnDeck makes small business loans to consumers in the US, Canada and Australia, using its online lending platform. To date, OnDeck has originated over $13bn in loans to small businesses, according to a pre-sale report by Kroll Bond Rating Agency. 

The key difference between OnDeck’s 2019-1 ...

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