Azzurro Associates plans on buying more P2P defaulted loans
Funding Circle debt buyer Azzurro Associates has plans to purchase more peer-to-peer business lending portfolios.
The debt buyer, which is owned by US asset manager Elliott Management, has previously bought defaulted loans from now former P2P lending platform Funding Circle.
Founder and chief executive Andrew Birkwood said he cannot comment on specific transactions but said the relationship with Funding Circle is good and acquiring more P2P business lending portfolios is part of the firm’s strategy.
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“The portfolios we have acquired are performing to plan, and we retain appetite for further such transactions,” he said.
“It is part of our strategic intent to acquire more P2P business lending or B2B receivables portfolios.
“As a debt buyer focused on the business lending and B2B sectors, we are enthusiastic to engage with other creditors in the assessment of debt sale to achieve the positive benefits previously outlined.
“The pricing for debt portfolios obviously varies due to credit factors, but we typically submit pricing of 20-50 per cent (of outstanding balance) for non-paying portfolios. We also have a long, time horizon and thus have appetite for both non-paying portfolios and pools of debts making very small payments that will take years to collect.”
Read more: Funding Circle makes £4m on sale of US business loans