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Folk2Folk offer mortgages on non-residential property
A new peer-to-peer company, Folk2Folk, has launched that offers secured loans on non-residential property to individuals and businesses in the South West (Cornwall and West Devon). They are targetting individuals who are able to lend £25,000 and above (which matches Mayfair Bridging who offer short term bridging loans).
Some examples of loans could be for:
- Residential Buy to Let
- Holiday Homes
- Commercial or industrial premises
- Agricultural land
Here is a copy of their statement on their newsroom:
February sees the launch of Folk2Folk, a peer-to-peer platform that has been set up by the partners of a long established law firm in Cornwall. Folk2Folk provides local, fast secured lending by putting those that wish to lend and obtain a decent return in touch with those that wish to borrow on flexible interest only terms.
Folk2Folk can provide access to finance within seven to ten days provided borrowers can provide suitable security in the way of a first legal charge over property (other than a borrower’s home).
Unlike other peer-to-peer platforms, Folk2Folk is asking for minimum sums of £25,000 (no maximum amount) from investors/lenders. Lenders seem very happy to advance significant funds on the basis that their investment is protected by a first ranking legal charge.
As with other peer-to-peer lending platforms, borrowers have been very carefully selected and Folk2Folk is taking steps to verify that borrowers’ properties are suitable security.
Where banks may take months to process a secured loan, Folk2Folk can turn this around within seven to ten days.
Interestingly, Folk2Folk also offers “a local touch” in both having premises (as well as a full web platform) and drawing upon a significant amount of local knowledge as part of their vetting process.
For investors interested in this secured lending platform or for borrowers who are able to put forward suitable property and wish to obtain fast and flexible borrowing, please visit www.folk-folk.com where more details can be found.
We will be adding Folk2Folk to the list of peer-to-peer companies as soon as we can.