CommunityLend Newsletter – April 2010
March Update
There has been no rest here for the CommunityLend team as the second month of the CommunityLend market launch continued at the same busy pace as the first. Here are some of the highlights of last month’s activity at CommunityLend:
More demand: We continue to attract significant numbers of borrower applicants looking to get better rates on loans through peer-to-peer lending. March saw another $350,000 in new demand, with about $40,000 of that demand meeting our strict borrower criteria and turning into Loan Requests.
A lot more supply: In March we received a $1,000,000 commitment from our first institutional lender. The lending capital will be available across multiple credit categories very soon. We are very excited to welcome this institution into our unique lending marketplace and look forward to helping them build a strong portfolio of Loan Requests.
Our First Community: March also saw us implement our first borrower community. NewStart Canada is a 30 year old Canadian company specializing in helping borrowers improve their credit through structured lending programs. At CommunityLend, they intend to highlight borrowers who are their success stories and have “graduated” from their programs. Our unique Community lending area gives us the ability to bring attention to specific borrower communities. Welcome NewStart!
New Tools for Borrowers and Lenders
Standing Bids
For Lenders: Standing Bids provide an automated bidding tool which allows lenders to set customized criteria for their bids for new Loan Requests.
For Borrowers: Standing Bids provide a new tool which shows them exactly where Lenders are interested in funding loans at any given time.
For More information on Standing Bids and other new tools see our recent blog post.
Promotion Reminder – Last Chance to Save!
Just a reminder that our Launch promotion ends this month at CommunityLend, so take advantage of this great promotion while you can! From now until April 30th, 2010, CommunityLend is offering a special fee rebate incentive to both borrowers and lenders.
For more information, visit our promotion overview here.
[...] assets exceeding $1 million can sign up to become lenders. CommunityLend is still tiny — just $97,000 in loan requests accepted so far but it is still early days. The accredited investor requirement is probably a huge obstacle [...]
CommunityLend launches (quietly) in Ontario and Quebec | Canadian Capitalist
April 26, 2010 at 10:37 pm
[...] assets exceeding $1 million can sign up to become lenders. CommunityLend is still tiny — just $97,000 in loan requests accepted so far but it is still early days. The accredited investor requirement is probably a huge obstacle [...]
CommunityLend launches (quietly) in Ontario and Quebec | MoneySense
April 27, 2010 at 6:44 am
[...] you may have noted in our April newsletter, we have received the commitment of our first Institutional Lender on the CommunityLend platform [...]
Newsletter to CommunityLend lenders | May 2010 « CommunityLend blog
May 12, 2010 at 8:37 am