CommunityLend monthly newsletter – June 2010
CommunityLend Marketplace Update for June:
The month of June may have slowed us all down physically because of the summer temperatures but it certainly hasn’t slowed down the nation’s interest in peer-to-peer lending. June was another big growth month for the CommunityLend marketplace. Here are some highlights:
- Loan Demand was up 32% to over $2.5 Million
- Loan Requests Accepted was up 40% to almost $400,000.
- User Membership was up 24% to over 1,500
- Our Average Loan Size remained essentially unchanged at over $7,000
- Our Average Offered Interest Rate remained essentially unchanged at 17%
All in all, it was another good month for peer-to-peer lending in Canada, a trend we expect to see continuing throughout the summer.
Product Improvement
We continued to make a number of important product improvements at CommunityLend based on early customer feedback.
- We implemented our multi-stage plan for upgrading the style and design to make it more friendly and focussed for users. Read more about it here.
- We expanded our Risk Classification system for Loan Requests on the website which provides more sub-categories under each risk “tier” (AA, A, B, C) for Lenders to bid against. (See pic)
What’s Next?
Coming in July, CommunityLend will introduce a new Loan product with a 5 Year amortization. These Loans will still have our standard 3 year term but the longer amortization will make monthly payments more affordable for Borrowers and will produce more in interest payments for Lenders over that same time period. More to come in July.
New Partnership
In our continuing quest to provide our Lenders with the best quality borrowers available, we formed a new partnership in June with a leading provider of vendor based finance solutions for industries such as home improvement. In case you missed thisannouncement, we welcomed Strength Finance and its growing community of home improvement vendors into our growing network this last month.
Final Month for our Special Lender Offer
As a reminder, our Lender promotion offer ends July 31st, 2010. Details on this special offer here. It’s a good time to fill some Loan Requests!
In the News
- “My view is that the ‘Old Guard’ should watch out for CommunityLend. They have a nice niche idea that could quickly make an impact on the lending side of their businesses. “ Read more:BankNerd.ca
- “Using MorWEB, brokers can refer clients to CommunityLend to arrange loans from private investors. Phase two, which will further integrate MorWEB and CommunityLend, is scheduled for release later this year.”
Read more: The Mortgage Broker News
Questions on Lending and Borrowing?
9:00am – 5:00pm EST
Toll free: 1.888. 536.3025
Email us: info@communitylend.com
