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Funding Circle launch first property loan
True to their word, Funding Circle have low launched their first property loan today. This is an A+ risk band with a first charge on the property as security. The interest rate is fixed at 8.5% for lenders, but Funding Circle are offering 2% cashback on this. Lenders should act quickly as the loan in being filled at a rate of £70,000 per hour!
Here is the email Funding Circle sent on Friday:
Following Tuesday's email where we provided details of our first formalised property loan, we're pleased to tell you that this loan will be listed on the marketplace on Monday, 14th April.
We had hoped that "Property Investment in Surrey" would be available for you to lend to this week, but, due to a delay in receiving local searches on the property title from the local authority, we have decided to wait until the start of next week. We have now received the local searches, completing our due diligence for this loan.
We look forward to listing this loan on Monday and answering any questions you may have. And as a reminder to celebrate we’re offering 2% cashback* on your lending to this loan. Happy bidding!