LendMe off to a great start

LendMe off to a great start

Kiwis looking to borrow or lend money have greater choice

Following months of planning, and a ‘beta test’ last month with real borrowers and lenders, new peer to peer company LendMe has transacted more than $630,000 worth of lending in just two weeks. The first loans funded included residential mortgages and refinancing of one to five years with returns to investors ranging from 7.09% to 7.74%.

As New Zealand’s first peer to peer lender specialising in secured loans, LendMe’s online platform matches ‘borrowers’ wanting to borrow money with ‘lenders’ willing to lend it. Borrowers can apply for loans between $25,000 and $2 million, and lenders may fund loans in full or in increments of $1,000.

LendMe’s key point of difference is that all loans are secured against borrowers’ assets, which will most commonly be first mortgages over property.

LendMe CEO Marcus Morrison says the beta testing phase which took place in late November involved real customers and real money. In mid-November, LendMe offered a number of Kiwis early access to the service, and user feedback was used to optimise the platform, ahead of the soft launch on December 1.

“We are actively matching lenders with borrowers. We provide lenders with great returns, access to quality borrowers, regular monthly cash flows, and security on every loan.

“Borrowers receive competitive rates, flexible credit criteria, fast online applications, fixed monthly payments, and no penalties for early repayment,” says Morrison.

To provide lenders with greater transparency in their decision-making, each loan listed on the site is assigned a credit assessment score based on borrower information obtained by LendMe. The score reflects serviceability, credit history and the loan to security value ratio (LVR).

“We are changing the way Kiwis borrow and lend money. Our marketplace provides borrowers with more options and greater access to finance and opens up new, safe investment opportunities for lenders,” says Morrison.

ENDS

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