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14

Steve Schwarzman Wants You to Borrow Money to Buy a Dishwasher

By Tony Seruga

Blackstone bought Lending.com to expand financing business
One-click consumer loans from less-regulated `shadow banker’

Blackstone Group LP owns 50,000 rental homes. Now the firm wants to help people buy things to put in them.

Blackstone, led by billionaire Stephen Schwarzman, acquired the domain name Lending.com and plans to use it to provide financing for U.S. consumers to buy goods from autos to air conditioners with the click of a mobile-phone button.

As Wall Street banks and other traditional consumer lenders pull back from the market due to post-crisis banking-law changes, Blackstone, one of a group of less-regulated firms nicknamed the shadow-banking system, is diving in deeper. This year the buyout firm took over Finance of America Mortgage and acquired a majority stake in national home-loan lender Stearns Holdings. It already originates loans through its B2R Financeto real estate investors buying rental homes, and its credit arm, GSO Capital Partners, lends to cash-constrained companies…

Steve Schwarzman Wants You to Borrow Money to Buy a Dishwasher

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