Posted by After being introduced on August 10, Income Marketplace has now communicated a structural change for their new loan originator One Leasing. According to the announcement, the parent company, Virtus Invesco Partners LLC, has signed a guarantee declaration covering One Leasing’s obligations towards Income and its investors.
The guarantee covers the underlying loan agreements, including buyback obligations, cashback commitments, and fees. It is intended to be unconditional, meaning Virtus can be directly required to make payments without first exhausting collection attempts against One Leasing. Following a valid claim, payment is due within five business days. The guarantee is also intended to remain in effect in the event of One Leasing’s insolvency or restructuring.
Income itself notes that the practical value of such a guarantee depends on the financial strength of the guarantor. Reliable financial figures for the parent company have not yet been made publicly available.