OnDeck Loses Best Loan Salesman to Fintech Investor

A top executive at on line small-business lender OnDeck Capital Inc. accountable for selling the company’s loans to investors is leaving the firm, a spokesman said Tuesday.

Zhengyuan Lu, OnDeck’s senior vice president of capital markets, will quickly join Chicago-based Victory Park Capital, which invests in and supplies credit facilities to a number of on the internet lenders, including Avant Inc. and Square Inc. His final day at OnDeck is Tuesday.

A spokesman for Victory Park had no instant comment.

OnDeck and also other on the net lenders have had a difficult year getting loan purchasers to allow them to expand in the same pace they enjoyed in current years. In August, OnDeck mentioned it sold only 15.6% on the loans it created throughout the second quarter to investors directly, down from 32.8% in the course of the second quarter of 2015. The gains OnDeck realized on loan sales has also declined more than that period, prompting the enterprise to hold much more from the loans it tends to make on its balance sheet.

An OnDeck spokesman said that Chief Financial Officer Howard Katzenberg, to whom Mr. Lu reported, will continue to oversee capital-markets activities. OnDeck not too long ago augmented that team by hiring Barbara Lambotte from on the web lender Social Finance, Inc., or SoFi.

OnDeck reports third-quarter earnings on Thursday morning. Shares inside the organization are down about 54% since the begin of the year.


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