The New York based online lender is turning to two European banks to fund loan growth in its overseas markets.
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OnDeck secures new funding sources for Canadian, Australian units
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The online lender’s Australian division will use a revolving credit facility from Credit Suisse to refinance its existing loan book at a lower cost, as well as to fund future loan originations, according to a company press release Wednesday. The Australian facility will enable OnDeck to tap the equivalent of up to $55 million in U.S. dollars.
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