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The CEO of Able Lending Responds to the Rumors

The rumor mill was active last week about Able Lending so their CEO has cleared the air

September 6, 2017 By Peter Renton 1 Comment

Views: 1,037

Last week the marketplace lending rumor mill was active with “news” that small business lending platform, Able Lending, was going out of business. Here at Lend Academy we don’t share these rumors until we can verify their accuracy.

Yesterday, the CEO of Able Lending, Will Davis, reached out to me to clear the air. Here is his unedited statement:

We believe this story originated by the fact that we’ve been in active discussions with a number of originators to acquire Able, and there’s a non-zero chance this story was placed in order to throw an interested party off the trail.

This anonymous source doesn’t seem to be anyone close to Able, because Able does not own a portfolio of loans (it originates and distributes loans to direct lenders, who then hold those loans on their balance sheet) and therefore has no portfolio to sell. In any event, we have no plans to go out of business and no plans to declare bankruptcy.

When I read the news that Able Lending was “selling their portfolio of loans” I thought it was a little strange. Knowing that Able Lending is a marketplace lender that holds no loans on their balance sheet I knew this would not be literally the case. It sounds like they are in discussions to be acquired and maybe someone thought it would be a good idea to spread a rumor. It is yet another reminder that you shouldn’t believe everything you read online.

I have said before that I like the Able Lending model (I interviewed Will on the Lend Academy Podcast Episode 82). I am hopeful that they can continue operating or find a company that is interested in acquiring their platform.

Filed Under: Peer to Peer Lending Tagged With: able lending, rumor, small business loans

Views: 1,037

Comments

  1. jen says

    November 14, 2017 at 11:49 am

    So Able for sold for parts to Fundation? Blumberg Cap gave them $4 mil less than 12 months ago.

    Reply

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

We are a team of fintech enthusiasts who have been covering the industry for many years. With a deep knowledge of online lending, digital banking, blockchain, artificial intelligence and more our team covers the daily news and writes in-depth editorials.

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