Bridging Finance Inc. has already sold $30 million in loans to ride out the coronavirus crisis
One of Canada’s largest private lenders is looking to sell as much as 11 per cent of its loans to help ride out the coronavirus crisis.
“We are selling some loans at par value to improve liquidity,” Sharpe said. “We are doing it in a prudent fashion, as we need to keep cash on hand for the revolvers and for foreign-exchange effects, and once we are comfortable with our liquidity, we will lift the gating of the funds.” The pandemic, which forced the shutdown of many smaller businesses the sector typically lends to, is a major test for the asset class. The market has swelled to about US$820 billion globally from US$200 billion before the 2008 financial crisis. It’s likely to see consolidation as some lenders forced to contend with problem loans, and less well-positioned firms struggle with portfolios or lack of scale.
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