Early access transfers do not directly transfer a loan or loans from a lender seeking to exit their interests in a loan (outgoing lender) directly to lenders seeking to invest funds in loans (replacement funders). Instead, an outgoing lender’s interests in a loan are assigned to and purchased by the Early Access Facilitating Partner acting for the Early Access Facility Trust, a special purpose trust which has been established for the purpose of acquiring outgoing lender loans (early access loans). The money for the acquisition of the outgoing lender’s interests in a loan is provided by a separate loan that is funded by a replacement funder that is made to the Early Access Facilitating Partner (facilitating loan). See diagram below for further details.
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