Octane Lending agreed to sell $280 million of fixed-rate installment powersports whole loans issued through Octane’s in-house lender, Roadrunner Financial. The loans will be sold to the private market investing platform Yieldstreet in two separate transactions.
Octane is a financial technology company facilitating lending through Roadrunner Financial. The company launched RV lending services in 2022.
Yieldstreet Chief Investment Officer Ted Yarbrough said, “Opportunities like this further validate our strategy of working closely with high-quality originators to source attractive loan assets that meet our strict investment criteria. We look forward to pursuing similar collaborative investments with Octane in the future and bringing these offerings to investors on Yieldstreet.”
The first sale, which included a newly originated portfolio of $140 million in loans, closed in December 2023. The second sale, which includes committed financing already in place, is expected to close no later than April 2024.
Octane Chief Financial Officer Steve Fernald said, “This transaction further enhances our capital markets strategy by diversifying our committed funding sources in order to support our continued total addressable market expansion in the powersports market and beyond.”
