Consumer online lender LendingPoint closed an up to $600 million, committed credit facility arranged by Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners.

With this new deal, LendingPoint has secured up to $1.1 billion of senior credit financing in less than one year. In September 2017, the company reported that it had secured an up to $500 million committed credit facility, also arranged by Guggenheim Securities.

“The sizes, advance rates and interest rates of our credit facilities are a testament to our portfolio’s outstanding performance to date,” said Tom Burnside, co-founder and CEO of LendingPoint. “This blended interest rate on this most recent facility is exceptionally low — LIBOR plus 467 basis points – and the advance rate is 90%, underscoring our lenders’ belief that our credit-first, balance-sheet business model works. When we started LendingPoint, we knew that by successfully solving lending for people with credit scores between 580 to 700 – those we call ‘NearPrime’ – we would maintain strong capital markets support. This new Guggenheim facility and its pricing confirms that we’re succeeding.”

Guggenheim Securities also served as sole bookrunner. CBIZ acted as the administrative agent, while U.S. Bank served as the note agent and paying agent.

LendingPoint’s direct to consumer online loans range from $2,000 to $26,500 with terms of 24 months to 48 months. Its point-of-sale loans range from $500 to $15,000, with terms from 12 months to 60 months. Since it issued its first loan in 2015, LendingPoint has originated more than 50,000 loans totaling in excess of $500 million.