CommunityLend May 2010 Newsletter
Marketplace Update for May:
May produced a significant number of milestones for CommunityLend. Loan demand through the CommunityLend system in May was almost double April’s volume bringing us to almost $2,000,000 in cumulative demand in just three short months. Also, of the new demand for loans, a significantly increased percentage of borrower applicants met the strict CommunityLend lending criteria. In May, almost double the percentage of borrower applicants were accepted, over March and April applicants. Much of this was due to some new borrower origination partnerships CommunityLend announced last month which is increasing applicant quality.
Loans getting closed:
Easily the most exciting milestone in May was that our first loans closed. In the first two months of CommunityLend being live there was a lot of good activity around registration and bidding in the loan marketplace but not enough lender activity to completely close loan requests. This changed in May with a number of loan requests getting closed and the trend is accelerating in June.
New partnerships:
We signed two new borrower origination partnerships in May to help us to cost effectively drive good quality borrowers into the CommunityLend online lending system. In case you missed this announcement, we welcomed MorWEB and its growing community of Canadian Mortgage Brokers into our network this last month. We will be announcing the second partnership soon, and expect many others to follow.
Extending Lender Offer:
To show our appreciation for Lenders’ support of our emerging model, we decided to extend our Lender promotion offer until July 31st, 2010. Details on this special offer here. Take advantage of automated bidding based on your own criteria. Log back in to top up your lender account.
Refer a Friend:
The most important growth opportunity for peer-to-peer lending in Canada right now is to get the word out to other potential Lenders that this new lending model is now a reality. 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 CommunityLend members who help us to spread the word, 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 this “refer a friend” program contact us directly.
Questions on Lending and Borrowing?
9:00am – 5:00pm EST
Toll free: 1.888. 536.3025
Email us: info@communitylend.com
