What is the difference between a participation and an assignment?

In an assignment the buyer becomes a lender of record, with a claim on the borrower. In a participation the seller stays lender of record and the buyer has a contract with the seller only. Participations usually need no borrower consent; assignments often do.

What is a forward flow agreement?

A buyer commits to purchase future loans that meet agreed criteria (size, LTV, customer credit, term) at an agreed price for a set period, so the originator lends knowing where the loan goes.

Can I sell a GPU loan through Origination?

No. Origination lists financing requests from operators that apply to our program. If you have a GPU loan or a pipeline to sell down, talk to us.

Originate and Sell GPU Loans

For lenders who find more GPU deals than they can hold.

Discuss a transaction

What it covers

Originate-to-distribute: make the loan, then sell some or all of it through a participation, a whole-loan sale, a forward flow agreement or a securitization.

Five ways to sell a GPU loan

Method	What you sell	What you keep	Public example
Syndication	Shares of a loan you arrange, sold at or near closing. Buyers become lenders of record.	Your share, arranger and agency fees	Lambda's $926M term loan drew over $5B of orders (Octus). See GPU loan syndication.
Participation	An interest in your share. You stay lender of record; the buyer relies on you.	Servicing, votes, the borrower relationship	Rarely announced: participations are private contracts between lenders.
Whole-loan sale	The entire loan, usually once it has paid for a while.	Sometimes servicing	USD.AI sold a $98.1M B300 loan in Oct 2026 (USD.AI).
Forward flow	Future loans that meet agreed criteria, to a committed buyer.	Origination fees, often servicing	None public for GPU loans yet.
Securitization	A pool of loans, packaged into rated notes.	The first-loss piece, servicing	Wingspire Equipment Finance (20% GPU loans) and Stonebriar Commercial Finance (15%), September 2026 (Bloomberg).

Season, then sell

A GPU loan is riskiest before it pays. Servers ship late, installs slip, customers refuse acceptance. Once the cluster is live and paying, a buyer underwrites the customer and the hardware instead of the build.

Lenders are built around it. USD.AI funds a loan, waits until the hardware is installed and online, then sells it to institutional buyers and lends again (USD.AI). CoreWeave's $8.5B DDTL 4.0 opened with about $7.5 billion available, rising to $8.5 billion as the financed assets stabilize (Pulse 2.0 (reprint of CoreWeave release)).

What buyers of GPU paper ask for

A data tape	One row per loan: servers by model and serial, cost, appraised value, LTV, rate, term, amortization, payment history, customer and contract term left.
An appraisal	Value today and at maturity, from resale data rather than list prices. See appraisals and due diligence.
Residual protection	A floor under resale value at maturity. See residual value insurance.
Customer protection	Cover if the customer stops paying. See lost revenue cover.
A backup operator	Someone to run the cluster and collect if the borrower fails. See backup operator.
Clean documents	A perfected first lien, assignment of the customer contract, a controlled account, the colocation provider's access agreement and insurance naming the lender.
The right to sell	An assignment clause that lets you sell without the borrower blocking it. Check it before closing.

Where GPU paper prices

Type	Observed pricing
GPU loan, investment-grade customer, floating	SOFR + 2.25-3.00%
GPU loan, investment-grade customer, fixed	5.90-6.78%
GPU loan, other customers, floating	SOFR + 4.00-5.50%
GPU facility, lease or vendor financing, fixed, no IG customer	9.00-10.00%
Onchain GPU loan (USD.AI)	10.00-15.00%
Unsecured notes of a GPU cloud (for comparison)	8.50-9.75%
AI data center bond, investment-grade backed (for comparison)	6.192-6.75%
AI data center bond, other tenants (for comparison)	6.00-9.875%

From secured GPU loans and AI data center bonds with public terms.

Have a GPU loan to sell down?

Send us the loan or the pipeline. We will tell you what a buyer will ask for, and what we can appraise and cover to get it sold.

Prefer email? hello@amcompute.com

Questions

What is the difference between a participation and an assignment?: In an assignment the buyer becomes a lender of record, with a claim on the borrower. In a participation the seller stays lender of record and the buyer has a contract with the seller only. Participations usually need no borrower consent; assignments often do.
What is a forward flow agreement?: A buyer commits to purchase future loans that meet agreed criteria (size, LTV, customer credit, term) at an agreed price for a set period, so the originator lends knowing where the loan goes.
Can I sell a GPU loan through Origination?: No. Origination lists financing requests from operators that apply to our program. If you have a GPU loan or a pipeline to sell down, talk to us.