Our lenders really like our loans – the latest drawdown for a development we’re supporting in Leicestershire filled in under 10 minutes this week. That’s great news, but as a credit-led business, we want to make sure we’re giving lenders enough time to research each opportunity and consider if it’s right for them.
To support this, we are changing the way we publish loans to our marketplace to give lenders notice of a loan before it becomes available on our Lending Marketplace.
Advance loan notification: how it works
Our new process means we will email all registered lenders in advance – generally the day before – to let them know we are getting close to publishing a new lending opportunity and the loan documentation for this opportunity is now available to review.
By doing this, lenders should have enough time to review the credit papers, ensure their lending account has appropriate funds and then get ready to bid when the auction opens.
We will email all registered lenders again when the auction is open and the lending opportunity is available on our Lending Marketplace.
Please remember that lending places your capital at risk and you may not get your money back if the borrower defaults.