CommunityLend blog

Thanks Lenders!

We wanted to send a special “thank you” to all of our early Lenders for your support on the launch of peer-to-peer lending in Canada. These early days of our launch have been both busy and helpful in identifying areas of the service to improve upon. A number of these improvements have recently been implemented and we look forward to your continued feedback.

Extending Lender Offer

To show our appreciation for Lender’s support of our emerging model, we have decided to extend our Lender promotion offer for 3 more months until July 31st, 2010. Details on the offer here. It’s a good time to fill some Loan Requests!

Big Lender Coming On This Month

As you may have noted in our April newsletter, we have received the commitment of our first Institutional Lender on the CommunityLend platform for a $1M in lender capital. We are very excited about this show of confidence from the institutional marketplace as it will mean that Loan Requests will close much faster in the coming months. It will also mean that Loan Requests will spend less time in auction before they are filled. To ensure that all of our Lenders get the chance to participate in new Loan Requests, we would like to make the following suggestions:

• Ensure that you get your Lending Account with CommunityLend fully set-up. This includes getting your PAD/PAC agreement or bank validation completed. If you need any assistance, please free to contact us directly at 416.646.2177/1.888. 536.3025 or by email info@communitylend.com and we will gladly assist you through the process.
• Set-up a Standing Bid. We have introduced a new tool at CommunityLend called, Standing Bids which helps Lenders to automate their bidding activity on new Loan Requests. Our Institutional Lender will be relying mostly on Standing Bids, so having a Standing Bid customized for your own bidding is a sure fire way of ensuring that you can bid on all Loan Requests matching your investment criteria before they close. If you need any help in setting up a standing bid again, please feel free to contact us.
• Transfer additional funds into your Lender account to match your standing bids. Standing Bids can only automate bids from accounts which have enough capital in them to place bids. With our current lender promotion, now is a great time to top-up your Lender accounts. Once our new Institutional Lender is set up on the platform, we will be launching a number of Borrower specific marketing campaigns to drive new Loan Requests. You will likely see the positive effect of these in the coming weeks.

Refer a Friend

The most important growth opportunity for peer-to-peer Lending right now is to get the word out to other potential Lenders that this new lending model is now a reality in Canada. In this regard, we want to invite you to tell other potential Lenders from your networks about CommunityLend and to offer you some recognition for doing so. For any existing Lender who helps us spread the word to other Lenders in Canada, we will send you a $50.00 gift certificate for either Starbucks or Tim Hortons for each new Lender who registers at CommunityLend before the end of June. For more details on our refer a friend program contact us.

Lending Questions?

9:00am – 5:00pm EST
Toll free: 1.888. 536.3025
Email us: info@communitylend.com

Thanks again for your continued support.