The launch of DebtMarket marked the debut of the world’s first marketplace for consumer loan portfolios across all major asset classes. DebtMarket’s innovative web-based platform has delivered increased buyer/seller access, portfolio price transparency, increased transactional communication and a streamlined processes.
In 2007, DebtMarket’s founding team set out to better understand the $30B in subprime auto and buy-here-pay-here contracts that originated and were sold in the secondary market annually. The findings were startling; time-consuming sales cycle, geographical limitations, non-standard documentation, unknown processes, and a lack of pricing transparency provided the catalyst for building an application to eliminate many of these market inefficiencies. With the onset of the credit crisis in late 2007 and 2008, The DebtMarket Team believed that many of the same problems that had plagued the sub-prime auto industry existed within the financial and banking community at large.
Beginning in early 2009, DebtMarket re-architected and expanded its platform to incorporate additional asset classes (student loan, RV, motorcycle, marine, powersport, residential and commercial mortgages), credit quality (subprime to super-prime), portfolio sizes (no minimum or maximum) and loan performance (performing to charged-off) providing a better solution and alternative whole loan liquidity option to the financial industry at large.
Milestones:
- January 2007: Company founded
- June 2008: Launched initial restrictive Beta
- August 2009: DebtMarket launched to provide marketplace for all major asset classes, all credit quality levels and all loan performance
- January 2010: Added Jim Jones, Former CEO at GMAC’s Rescap, and Bob Feller, Former CEO at Capmark, to the Board of Directors
- February 2010: Listed over $500M in whole loan portfolios since launching DebtMarket in August 2009
- May 2010: Surpassed the 1000 member mark while averaging over 5 new sign-ups per day
