MoneyThing plan to launch premiums and discounts on their secondary market in the New Year.
MoneyThing last week asked their lenders for feedback on whether or not to allow premiums and discounts on the secondary market. The results of the survey showed a clear customer demand for the new functionality with over 65% of respondents in favour of change.
The issue spurred considerable debate among lenders on the P2P independent forum, a public forum for peer-to-peer lenders.
Sophie Pearce at MoneyThing commented “We have always listened to our customers and feedback from customers has informed much of our product development. While the details around premiums and discounts have been hotly debated, the overall the demand is clear.”
Development has been scheduled as a top priority and MoneyThing plan to release the new functionality in the new year.
Yesterday, £2.26m of capital was repaid to MoneyThing lenders, following the refinance of the Wigan hotel loan. The loan was originally a development loan to build a hotel under a Holiday Inn franchise. The hotel began trading earlier this year and once they were able to demonstrate their trading history, the borrower refinanced to a mainstream lender.
Sophie Pearce commented “This is a great example of how MoneyThing lenders can really make a difference to small businesses in the UK.”
A long-standing MoneyThing lender commented “I’m always happy to support projects like this one and to contribute to the success of the development. I earned a good return from it too. MoneyThing remains one of my favourite platforms and I’ll be reinvesting my capital on the platform.”
The refinance of the loan to the mainstream lender took much longer than anticipated to complete which shows the difficulties and delays that small businesses still face in finding mainstream finance.
The importance of P2P lending continues to grow to fill the gap left by banks. The P2P Finance Association last week reported that in Q2 this year, the P2P lending industry contributed over £1 billion to the UK economy and that net lending from P2PFA members outstripped bank lending by £60m*.
We are pleased to announce that Jeremy Lloyd joined MoneyThing this week as Relationship Director. Jeremy has a wealth of experience in banking as well as the P2P market having held roles at Santander and latterly Assetz Captial.
Jeremy will be responsible for bringing on new business and managing borrowers.
Sophie Pearce commented “We are delighted to welcome Jeremy to the team. Jeremy will play a key role as we ramp up our loan origination in the coming months.”
Jeremy Lloyd stated “I’ve had a great reception and I’m pleased to be part of such a vibrant team. I’m looking forward to the journey with MoneyThing”.
We will be exhibiting at the NACFB Commercial Finance Expo on the 21st June in Birmingham. If you would like to meet us, come along to our small, but perfectly formed stand at F14.
This month MoneyThing became a patron of the NACFB as part of our drive to work with more introducers and brokers that meet the NACFB standards and code of practice.