Upstart (UPST) announced a forward-flow commitment from funds managed by Castlelake. Castlelake has agreed to purchase up to $1.5B in consumer loans originated through the Upstart platform. The purchase agreement consists of a new 12-month forward flow arrangement and is the third such agreement between Upstart and Castlelake. “It supports Upstart’s ability to deliver a consistent loan funding platform across a variety of economic environments,” the company said in a statement. The earlier transactions between Upstart and Castlelake were an agreement to purchase up to $4B of consumer installment loans originated on Upstart’s platform, and an agreement to purchase up to $1.2B of consumer installment loans in 2023.
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