Azzurro Associates plans to buy more defaulted P2P loans

Funding Circle debt buyer Azzurro Associates plans to buy more peer-to-peer business loan portfolios.

The debt buyer, which is owned by US asset manager Elliott Management, has already purchased defaulted loans from former P2P lending platform Funding Circle.

Founder and managing director Andrew Birkwood said he couldn’t comment on specific deals, but said the relationship with Funding Circle was good and acquiring more P2P business loan portfolios was part of the strategy. of the company.

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“The portfolios we acquired are performing as expected and we remain hungry for more such transactions,” he said.

“This is part of our strategic intent to acquire more portfolios of P2P business loans or B2B receivables.

“As a debt buyer focused on the corporate lending and B2B sectors, we are excited to engage with other creditors in evaluating the sale of debt to achieve the benefits positives described above.

“Debt portfolio pricing obviously varies due to credit factors, but we typically offer 20-50% pricing (of outstanding balance) for non-paying portfolios. We also have a long time horizon and therefore have an appetite for non-paying wallets and debt pools making very small payments that will take years to collect.

Read more: Funding Circle earns £4m from selling US business loans

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