Marble Financial, an artificial intelligence-driven financial technology company, entered into an arm’s length definitive credit facility agreement with CHP Agent Services, a subsidiary of Cypress Hills Partners, an independent, non-affiliated Canadian-based alternative specialty lender.

The credit agreement provides for a $10 million credit facility to Marble Financial through its wholly-owned special purpose vehicle (SPV) subsidiary and TPFM as servicing agent for originations, adjudications, administration and monitoring of the SPV loan portfolio. The aggregate amount of the funding is determined as a selected percentage of the SPV’s eligible customer loans, with the initial advance rate set at 95% and a minimum threshold of 80%. Interest is charged at Canadian prime plus 13%, with a provisional discount if the advance rate is less than 95%. The maturity date for all funds advanced is three years after the first funding advance, with an option to extend for a further two years upon mutual agreement.

Marble Financial will use the credit facility to re-engage its legacy financial wellness fast-track program. The fast-track program helps qualified Canadians accelerate their credit rebuilding process by exiting their consumer proposal and commencing their journey back to mainstream financial inclusion. Marble Financial, through its wholly owned subsidiary, TPFM, will continue to originate and adjudicate the fast-track program through its proprietary MyMarble platform and will manage the SPV loan portfolio and earn the net interest income and other income, including insurance, administration fees and SaaS revenue.

Since the break of the COVID-19 pandemic Marble Financial has received more than 2,000 pre-qualified MyMarble members looking to enroll in the fast-track program once it becomes available this month.

“At Marble, our mission is to nourish confidence in Canadians to redefine their financial outlook. This credit agreement enables Marble to continue looking forward to empowering more financially challenged Canadians back to the mainstream economy,” Karim Nanji, CEO of Marble Financial, said. “The re-commencement of the fast-track program is both significant and timely given the current economic circumstances facing Canadians. We are encouraged that CHP believes in our business strategies and has the confidence in our management team to execute on it.”

“We believe the re-engagement of the credit wellness fast-track program by Marble is very well timed. Cypress Hills looks forward to a long partnership with the Marble as they disrupt the financial wellness space in Canada,” Kelly Klatik, managing partner of Cypress Hills Partners, said.