Azzurro Associates plans to buy more defaulted P2P loans

Funding Circle debt buyer Azzurro Associates plans to purchase additional peer-to-peer commercial loan portfolios.

The debt buyer, owned by US wealth manager Elliott Management, previously bought bad loans from now-former P2P lending platform Funding Circle.

Founder and CEO Andrew Birkwood said he couldn’t comment on specific transactions, but said the relationship with Funding Circle is good and acquiring more P2P business lending portfolios is part of the company’s strategy.

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“The portfolios we have acquired are performing as planned and we remain interested in further transactions of this type,” he said.

“It is part of our strategic intention to acquire more P2P commercial loans or B2B receivables portfolios.

“As a debt buyer focused on the corporate lending and B2B space, we are excited to partner with other creditors in evaluating debt sales to achieve the positive benefits previously outlined.

“Prices for debt portfolios obviously vary based on credit factors, but we typically submit prices of 20-50 percent (of the outstanding balance) for non-paying portfolios. We also have a long time horizon, so we have an appetite for both non-paying portfolios and debt pools that make very small payments that will take years to collect.”

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