Latitude Financial is growing market share in the Australian personal loan market even though its receivables portfolio barely moved in the 12 months to the end of June.Details of the finance company's business were disclosed this week in a Fitch Ratings pre-sale report on a A$542.5 million securitisation of 35,566 personal loans, representing around one third of the lender's Australian personal loans portfolio.According to Fitch, Latitude had $1.5 billion of receivables in the form of personal loans at the end of June, which equated to 7.5 per cent of the personal loan market.In a document marketed to professional investors in September 2016, Latitude claimed that it accounted for six per cent of the $26.2 billion national personal loans market.Based on the disclosures made by the company in that document, Latitude had around $1.57 billion of personal loans in 2016.The numbers indicate that an aggressive television advertising campaign earlier this year featuring Hollywood star Alec Baldwin only managed to preserve the size of the personal loans receivables portfolio.However, that might be considered a commendable effort in a contracting credit segment.Fitch has assigned an AAA rating to 61 per cent of the loan receivables and an AA rating to 10.3 per cent. Three separate loan pools, representing loans to higher risk borrowers, have not been assigned ratings.The weighted average interest rate of the five loan pools is 16.7 per cent."The transaction includes a parameter that requires a minimum positive portfolio yield of 11.5 per cent during the revolving period which Fitch has utilised in its cash flow modelling," the ratings agency noted.There is a slight geographic concentration in the loan pools, with more than 28 per cent of the collateral exposed to borrowers in Queensland. NSW borrowers account for 26.3 per cent of the loans.US-based private equity firm, KKR, bought into Latitude in 2015 through a consortium that includes Deutsche Bank and Varde Partners.While Latitude was last year touted for an IPO on the ASX, brokers now expect it to be wrapped into the Pepper business if shareholders approve a takeover proposal from KKR at a special meeting in November.Fitch listed Latitude's experience management team and risk management policies as the company's main strengths, but highlighted its cost of funding as a weakness."The main weakness is Latitude's cost of funding and ability to fund if economic conditions were to deteriorate," the agency stated in the pre-sale report.Westpac is acting as arranger for the securitisation, with Deutsche and Citigroup among the lead managers.