A secondary sale is the sale of an existing legal-asset position, or a whole book of them, by the holder to another investor. It converts a position that would otherwise be held to resolution into cash at a negotiated price.
Funders sell positions to manage concentration, return capital to investors or exit a vintage. A buyer underwrites the same file the seller did, but with fresher information, since matters have moved since origination, and with a view on the price needed to earn the buyer's own return.
The sale depends on trustworthy data. A buyer needs the tape, the history of each matter, the provenance of the records and a clear statement of what the seller has verified and what the seller has only been told.
A secondary sale is not a refinancing of the original position. It transfers economic exposure, subject to the consent and assignment terms of the underlying agreements.
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