Blue Elephant Capital Management is planning a second fund to purchase loans originated on online marketplaces, and the differences from its first fund show how hot the sector has become.

The Irvington, N.Y., investment firm has secured multiple verbal commitments for at least $20 million in funding for the first quarter of 2015, officials at the firm said. Unlike Blue Elephant's first marketplace-loan fund, which launched a year and a half ago and has since grown to become a levered $60 million vehicle, the second venture will be entirely unlevered.

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