市场贷款（原称P2P贷款）似乎又有了新机遇。最近的这次名称变应该能更精确地描述了过去一年该行业的变革。 美国最大市场贷款平台Lending Club总裁Renaud Laplanche曾在5月份的LendIt会议上建议将行业名称改为“市场贷款”。《纽约时报》最近借用了第二大贷款平台Prosper Marketplace总裁Rob Suber对该行业的另一说法-“在线消费者金融”。注意他们两个都没有用“对等”。
Marketplace lending, formerly peer-to-peer (P2P) lending, has just turned a corner. The recent name change accurately describes the evolution of the industry over the past year. Renaud Laplanche, CEO of Lending Club, the world’s largest marketplace lending platform, formally suggested calling the industry “marketplace lending” at the LendIt 2014 conference in May. Ron Suber, President of Prosper Marketplace, the second largest platform, was recently quoted in the NY Times saying a suitable name for the industry is “online consumer finance.” Notice neither has the term “peer” in it.
个人借贷或者个人投资者在该行业所起的作用越来越弱，而大型机构，包括对冲基金和银行则抢占了越来越多的投资机会。究其原因，有些是因为银行与平台开始合作，有些是因为机构的资金量、信贷分析算法的力量、分析师的数量。
Peers, or individual investors, are playing a diminished role in the industry, as large institutions, including hedge funds and banks themselves, dominate the investor demand. Some of this is the result of banks partnering with platforms, and some is just the result of the volume of institutional money, the power of their credit-analyzing algorithms, and the number of their analysts.
通过约定条件，市场借贷平台借助网络平台将借贷双方联系起来，而不涉及银行和信用卡公司。向银行贷款往往管制性较强，效率低下，而这种新型借款模式可以帮助借款人降低借贷利率，同时提高投资者回报率。
The industry was built around connecting borrowers with lenders online, at agreed terms, without involving a bank or credit card company. By cutting out the highly regulated and often inefficient process of applying to a bank for loans, borrowers benefit from lower rates, and investors benefit with higher returns.
机构注意到投资者在这些市场借贷平台赚取了丰厚的回报，于是决定也要分一杯羹。他们参与的形式多种多样：投资大笔贷款；与平台合作共享潜在的借款人资源；甚至将自己的借款人、资本引进市场，提供给他们的客户，利用网络模型的效率，促进贷款。典型的例子包括：联合银行、Titan银行、Congressional银行与Lending Club直接合作；桑坦德银行与Lending Club和Funding Circle建立联系。机构资金增加促进平台为投资者提供全额贷款，随着行业的成长，还会提供小额贷款。
Institutions noticed the outsized returns investors could earn on these marketplace lending platforms, and decided they wanted a piece of the action. They got involved in a number of ways: by agreeing to fund large amounts of loans; partnering with platforms to share leads on potential borrowers; and even bringing their own borrowers and capital to the marketplace to facilitate loans to their customers, utilizing the efficiency of the online model. Some examples include direct partnerships between Union Bank, Titan Bank and Congressional Bank with Lending Club, and Banco Santander establishing relationships with both Lending Club and Funding Circle. This increase in institutional money has spurred platforms to offer investors whole loans, in addition to the fractional loans that the industry grew upon.
最开始只有几个平台提供无担保信用消费贷款，后来该行业的平台拓展到几百个，提供各种各样的产品。其中包括小型企业贷款、学生贷款、房地产抵押贷款，甚至还包括矿业项目融资贷款。
Originally centered on a few platforms offering unsecured consumer credit loans, the industry has expanded to hundreds of platforms offering access to a variety of products. These include small business loans, student loans, real estate secured loans, and going as far as loans to secure financing for mining projects.
随着行业拓展，新的资产类别不断增加，发放的贷款量呈现快速增长的态势。Lending Club和Prosper在2013年发放的贷款数额累计高达24亿美元，比2012年的8.71亿美元同比增长175%。作为风险管理者，投资者得到的高额回报让MIAC印象深刻。Lending Club 92%的投资者平均年盈利6%-18%。
As the industry has expanded to include new asset classes, the volume of loans issued continues to show rapid growth. Lending Club and Prosper issued a combined $2.4B in 2013, increasing 175% year-over-year from $871MM in 2012. As risk managers ourselves, MIAC is impressed at how much of that volume is amortizing into investors pockets – 92% of investors in Lending Club have earned 6-18% annual yields since its inception.
市场理念日益多样化，2014年旧金山LendIt会议上，抵押房地产P2P网络平台引起了热烈的讨论。很多从这种平台筹集的抵押贷款从技术上说属于众筹类，因为它旨在通过聚集很多小投资者达到筹款目标，很多情况下，还包括一些额外的好处，比如贷款、股权和/或者奖励。据贝弗利山庄的一家科技公司Realty Mogul报道，2014年美国一家酒店在线实现了众筹。
Building upon the idea of an increasingly diverse marketplace, a big buzz during the 2014 LendIt Conference in San Francisco was the growth of real estate secured peer-to-peer platforms. It is important to note that many of the secured loans funded through these kind of platforms technically fall under the crowd-funding category, as it aims to reach a funding goal by aggregating many small investors and, often times, includes additional benefits such as debt, equity, and/or rewards. 2014 saw the first attempt to crowd-fund a US hotel online, according to Realty Mogul, the Beverly Hills-based tech company behind the campaign.
通过众筹和Realty Mogul在线投资平台，加利福尼亚州棕榈泉硬石酒店打算至少筹集150万美元，用于改善和扩展。酒店的个人投资者会通过季度支付（贷款）赢得一部分租金收入，酒店销售（股权）时带来的资本增值，还有酒店的特殊VIP待遇（奖励）。
Through crowd-funding and Realty Mogul’s online investment platform, the Hard Rock Hotel Palm Springs plans to raise at least $1.5MM for improvements and additions. Individual investors in the hotel will receive a portion of the rental income from the hotel through quarterly payments (debt), capital appreciation of the hotel when it is sold (equity) as well as special VIP treatment at the hotel (reward).
其它房地产抵押贷款平台包括Patch of Land，重点为住宅物业的改善和转售提供众筹，而LendInvest是英国的一家公司，提供用于住宅和商业抵押贷款的资金。 MIAC认为，房地产抵押贷款市场拥有庞大而尚未开发的市场机会，我们希望看到这个行业在2014年实现增长。
Other real estate secured marketplace lending platforms include Patch of Land, which focuses on crowd-funding residential properties for improvement and resale, and LendInvest, a UK based firm dedicated to providing funding for both residential and commercial mortgages. MIAC believes real estate secured marketplace lending has a large and untapped market opportunity and we expect to see this sector grow in 2014.
美国并非是在该领域实现快速增长和创新的国家。尽管在英国，三大平台(Zopa、RateSetter和Funding Circle)仍然占据市场主导，但是现在已经陆续涌现了近30个活跃的P2P平台。市场贷款在中国的影子银行中也占很大一部分。2013年，通过中国的P2P平台筹集资金达到680.3亿元人民币（约合110亿美元），约是2012年228.6亿元人民币的三倍。市场借贷平台也在很多其他国家形成并发展，比如南非的RainFin，澳大利亚的SocietyOne，印度的i-lend和巴西的Fairplace。此外，平台还可以跨国界。其中一个公司是Funding Circle，它是英国的平台，允许个人和机构贷款给小型公司。2013年10月，Funding Circle兼并了旧金山的Endurance Lending Network，将其更名为Funding Circle USA。该行业除了全球化和不断创新，贷款平台也在大步发展信用风险承保的新指标。Upstart平台允许投资者和借款人订立收入分配协议（ISA），借款人用将来一部分收入偿还给投资者。他们的目标群体是年轻、有较少的借款记录的借款人。他们利用教育背景来预估未来的盈利潜力、就业能力和偿还贷款能力，以此丰富借款人资料。这些变量包括所读学校、院系、学习成绩和工作经历。
The US is not the only country that is seeing rapid growth and innovation in the space. Although still dominated by the “big three” platforms, which include Zopa, RateSetter, and Funding Circle, today, there are nearly 30 active platforms in the United Kingdom. (2) Marketplace lending is also a large part of China’s active shadow banking sector – the financial system that operates alongside the traditional banking system. Loans issued through China’s platforms reached 68.03 billion yuan ($11B) in 2013, about three times the 22.86 billion yuan in 2012. Marketplace lending platforms are also forming and growing in countries such as South Africa (RainFin), Australia (SocietyOne), India (i-lend), and Brazil (Fairplace). Moreover, platforms are expanding across national borders. One such company is Funding Circle, the UK-based platform that lets individuals and institutions loan money to small businesses. In October 2013, Funding Circle merged with San Francisco-based Endurance Lending Network, which was rebrandedas Funding Circle USA. In addition to globalization and innovation within the industry, lending platforms have also taken new strides in developing new metrics for credit risk underwriting. Upstart, a platform that allows investors and borrowers to enter into Income Sharing Agreements (ISAs), where a borrower repays investors with a percentage of their future monthly income, targets young borrowers with minimal credit history. They enrich a borrower’s profile with education-related variables to predict their earning potential, employability, and propensity to repay the loan. Such variables include schools attended, area of study, academic performance, and work history.
据Upstart网站显示，2014年4月，Upstart促成2,192单借款，大约共350万美元，14个月内没有发生一起违约拖欠。如果Upstart的方法被证明正确，整个金融领域的贷款人都将受益于这种以FICO数据驱动的非传统信贷审批方式。同时，也能为记录单薄的借款人累计信用资本。
According to Upstart’s website, as of April 2014, Upstart backers have made 2,192 offers to borrowers totaling approximately $3.5MM, without a single repayment default over a span of 14 months. If Upstart’s methods are proven to hold true, lenders across the finance spectrum could benefit from a non-traditional, data-enriched credit underwriting approach, building upon the widely used FICO-driven methodology. This, in turn, could bring credit to a previously underserved population.
市场借贷的未来
The Future of Marketplace Lending
市场借贷的早期用途主要是为了巩固已有（通常信用卡）债务，这似乎对于大家来说是好消息。然而，随着市场贷款不断增长并拓展到新的资产类型，比如高风险指数贷款的出现，监管机构一定会对该领域密切关注。 现在，所有的美国市场借贷平台都由美国证券交易委员会监管。然而，我们所不知道的是，随着不同类型的贷款余额不断增加，美国监管机构是否会进一步制约平台发展。监管机构存在有很多原因，目前看来，监管机构的关注重点是保护借款人不要身负重债。
Early on, marketplace loans were largely for consolidating pre-existing (usually credit card) debt, which seemed like good news for everyone. However, as marketplace lending continues to grow and branch out into new asset types, and maybe riskier loans, you can be sure the regulators are watching closely. Currently, all US-based marketplace lending platforms are regulated by the SEC. What is unknown, however, is if US regulators plan to crack down further on platforms as outstanding loan balances continue to increase across all asset types. Regulators exist for many reasons, but in this case their role is primarily to protect the little guy, the borrower, from getting in over his head in debt.
举个例子，让我们来看一下美国市场的学生贷款债务。2014年第一季度信用报告称，结余的学生贷款余额增加了310亿美元，总额为1.11万亿美元。而自去年同期以来，结余的学生贷款余额增加了1250亿美元。抵押贷款、信用卡及汽车贷款在2014年第一季度全部下降，而学生贷款则成为了同期唯一快速增长的债务类型。SoFi和CommonBond是美国两大学生贷款服务平台，它们都提供借款人提请新贷款或偿还现有贷款，并都利用某种形式的社区，以进一步连接借款人和投资者之间的关系。
As an example, let’s look at the US market for student loan debt. In the US in Q1 2014, outstanding student loan balances reported on credit reports increased by $31B to a total of $1.11 trillion. The increase since this time last year was $125B. With mortgage originations, credit card balances and auto loan originations all decreasing in Q1 2014, student loan was the only type of debt to increase significantly. Serving this portion of the market are SoFi and CommonBond, the two biggest US platforms when it comes to student loans. Both offer borrowers a chance at new loans or to refinance existing loans, and both utilize some form of community to further connect borrower and investor.
2013年12月3日，美国消费者金融保护局（CFPB）颁布一项规则，允许其“监督某些非银行学生贷款服务。”虽然目前该条款仅限于服务商，但至于最后扩充方向尚无定论。最重要的是，“在学生贷款监管专员的年度报告中，CFPB发现了很多学生贷款借款人向CFPB的投诉”。这是一个普遍的政治问题，CFPB扩大该领域的监管，我们也并不会意外，CFPB在将来很可能将监管延伸至学生贷款平台。
On December 3, 2013, The Consumer Finance Protection Bureau (CFPB) issued a rule that allows it to “supervise certain nonbank student loan servicers.” While this rule focuses on servicers, it is very open ended and difficult to understand where their authority begins and ends. Most importantly, “in their annual report by the Bureau’s Student Loan Ombudsman, the CFPB identified a broad range of concerns voiced by student loan borrowers in complaints to the CFPB.” With this being a popular political issue, we wouldn’t be surprised to see the CFPB expand their supervision in this area, and possibly take a look at marketplace student loan platforms in the near future.
2014年LendIt将第一届年度最佳创新奖颁给了Jon Barlow，他是Eaglewood资本管理有限公司的创始人、CEO和CIO，获奖原因是他的公司首次将市场贷款证券化。2013年9月，Eaglewood的初次交易来自Lending Club 5300万美元的证券化。
LendIt 2014 awarded its first annual Innovator of the Year award to Jon Barlow, Founder, CEO & CIO of Eaglewood Capital Management, for his firm’s work in creating the first ever securitization of marketplace loans. Eaglewood’s initial deal was a $53MM securitization of strictly Lending Club notes, completed in September 2013.
2014年4月8日，他们又完成了4700万美元的贷款，带来价值1亿美元的Lending Club贷款证券化。第一笔交易没有被任何机构评定，Eaglewood仍然将大部分卖给了一家大型保险公司。最初的交易总计5300万美元，Eaglewood同意承担1300万美元的风险损失责任，这表明他们遵循利益共享、风险共但的原则，与很多2008年之前的证券化完全不同。
On May 8, 2014 they closed on an additional $47MM of loans, bringing the combined transaction to $100MM worth of Lending Club notes. While this first deal was not rated by any agency, Eaglewood was still able to sell the majority to a large insurance company, unidentified by the fund. With Eaglewood agreeing to take up to $13MM in losses on the original $53MM deal (approximately 25%), it is looking to show it has skin in the game, as opposed to many pre-2008 securitizations that were completely unloaded off the books of the securitizing firm.
SoFi则走得更远，其选择位于多伦多的加拿大权威信用评级公司来评定贷款证券化的二级市场，包括SoFi平台发行的1.52亿美元的学生贷款，该贷款获得了A级。事实是，在很多警惕的投资者的眼中，SoFi可以获得世界第四大评级机构的评定，这也会为更多投资者打开市场借贷的大门。
SoFi went a step further, engaging Toronto based DBRS to rate the second of marketplace loan securitizations, which consists of a $152MM pool of student loans originated on the SoFi platform, which received an A rating. The fact that SoFi was able to get a rating from the world’s fourth largest rating agency legitimizes, in the eyes of some wary investors, the idea of marketplace lending, and also opens the door to many more investors.
MIAC相信，市场借贷行业正以一种非常审慎的方式进行着证劵化的过程，因为这其中主要涉及的都是高质量的借款人和负责人的承保人。如果将来一种新的证券化产品可以得到Moody、S&P或者Fitch的评定，那么该行业必定会迅猛发展。然而2008年的金融阴影犹存，全球投资者依旧对新资产证券化持审慎态度。要想用这几个初始的交易案例来证明行业证券化的合理性，恐怕还有很长的路要走。
MIAC believes the marketplace lending industry is securitizing in a prudent manner today, and these deals involve high-quality borrowers and responsible underwriters. If any future securitizations receive ratings from Moody’s, S&P or Fitch, there’s no telling how much the industry can grow. But as long as 2008 is still fresh in people’s minds, investors around the world will be wary of securitizations of new asset classes. The fate of these first few deals will go a long way in determining the future of securitization in the industry.
正如上文所述，市场贷款行业在不断成长。年初至今，市场上已经完成多次不同形式合作、收购和平台融资机遇。此外，投资者还通过再投资将现有回报再次用于产品中，这无疑使市场信心的最好表现之一。2014年下半年，鉴于Lending Club即将提请上市，市场贷款无疑前途无量。
As presented above, growth is strong in the marketplace lending industry. Year-to-date, the market has seen numerous partnerships, acquisitions, and further financing rounds (offered) to platforms of all asset classes. Additionally, investors show confidence by reinvesting the returns back into the products. The second half of 2014 also promises to be big for marketplace lending, as Lending Club is expected to go public.
MIAC为市场借贷行业所取得的成就而感到高兴，并且相信市场借贷可以适应不断增加的监管，会为行业想出最好的做法，建立二级市场，并且增强客户获得资本的机会。我们期待在行业不断成熟的过程中发挥重要作用。
MIAC likes how the industry has evolved thus far and believes in marketplace lending’s chances of adapting to increased regulation, developing best practices for the industry, building secondary markets and strengthening customer acquisition. We look forward to playing an important role in the industry’s maturation process.
作者：Brian Kearon
译者：吕京
原文：MIAC
请点击右上角 
或者
分享到朋友圈，腾讯微博或直接转发朋友。