LendingClub Ceases Equipment Financing Biz
Similar to Upstart, LendingClub is hitting the pause button on a segment of its lending business. In particular the company announced that it has ceased originations in equipment finance and commercial real estate.
“…commercial real estate and equipment finance, in this environment just not as attractive returns for the bank or for shareholders,” said LendingClub CEO Scott Sanborn in the Q4 earnings call. “So, we aren’t originating new loans there.”
What will remain on the commercial side, however, is its SBA Government Guaranteed Lending business.Last modified: February 22, 2023