Pagaya Technologies (NASDAQ: PGY) closed a $460 million revolving personal loan facility. This transaction represents the company's second revolving credit structure established this year.
The facility features a 24-month revolving period. It is expected to deploy approximately $850 million in total capital over its term.
Consumer loans originated through Pagaya's network back the new structure. The facility allows for the reinvestment of excess cash to purchase new collateral to enhance capital efficiency.
CEO Gal Krubiner stated the transaction provides higher visibility into future funding capacity. The company continues to expand its lending network across the personal loan, auto loan, and point-of-sale sectors.