Blue Owl Capital Inc. has agreed to buy up to $2 billion of consumer installment loans from financial technology lender Upstart Holdings Inc. as part of an effort to push into asset-based finance, according to a statement seen by Bloomberg News.
The private credit lender will snap up the debt over the next 18 months, through a so-called forward-flow agreement, where a buyer agrees to purchase loans before they have been originated. The deal also includes $290 million of personal loans that have already been handed out, according to the statement.