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Online Lending

·Mar. 23, 2017

Throwback Thursday: Sasha Orloff on the Nonprime Lending Opportunity at LendIt USA 2016

Alternative credit underwriting and new data solutions for broadening credit underwriting have been emerging themes in recent quarters; the Consumer Financial Protection Bureau is currently researching alternative data underwriting and many fintech companies are developing new solutions for broadening credit availability and reaching more thin file borrowers; Sasha Orloff from LendUp discusses some of the important factors for consideration in broadening credit availability in his presentation at LendIt USA 2016 highlighting some of the initiatives that are currently developing in today's market. Source

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News Roundup Online Lending USA

·Mar. 22, 2017

Brock Blake on Small Business Bank Lending

Brock Blake from Lendio discusses his insights from LendIt USA 2017; Blake was a moderator for the panel, "How Banks are Coming Back to SME Lending"; from his perspective he believes banks are proactively innovating to develop better online lending solutions for their business customers; this was evident in comments from panelists at JPMorgan Chase and Bank of America who provided examples on how the banks are innovating after a slower adoption phase that included a competitive market analysis. Source

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Fintech News Roundup Online Lending Real Estate USA

·Mar. 22, 2017

Forbes Talks with Jilliene Helman of RealtyMogul

Jilliene Helman won the LendIt Fintech Woman of the Year award at LendIt's first industry awards show and has led RealtyMogul since 2013 as the firm's founder; offering debt and equity real estate investments as well as a REIT, RealtyMogul is one of the most innovative real estate investing platforms that has evolved from the JOBS Act's new regulations for crowdfunded investments; Helman talks with Forbes about the firm's REIT investment, the experience of its management team, and how economies of scale and the firm's technology are helping the firm succeed. Source

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News Roundup Online Lending USA

·Mar. 22, 2017

Lend Academy Article: Lending Club and Prosper Tax Information for 2017

Lend Academy provides details on the tax documents you will receive as an investor in Lending Club or Prosper loans; most investors will receive a 1099-OID which details taxable interest income from investing; other forms may also include a 1099-MISC or a 1099-B; income earned from P2P loan investing is taxed as ordinary income; Lend Academy also outlines details on capital losses and capital loss carryovers which can vary by state. Source

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News Roundup Online Lending USA

·Mar. 22, 2017

OnDeck Adds Former Morgan Stanley COO to Board of Directors

Jim Rosenthal will join the board of directors at OnDeck; he was previously the chief operating officer at Morgan Stanley and also served as chairman and CEO; according to OnDeck's CEO Noah Breslow: "Jim is a supremely talented executive whose vision contributed greatly to the success of Morgan Stanley and other organizations. His experience as an innovator at the intersection of technology and financial services, combined with his comprehensive knowledge of financial institutions, will add great value to OnDeck as we build on our leadership as the nation's largest online lender to small businesses." Source

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News Roundup Online Lending USA

·Mar. 22, 2017

Cross River Bank Adds New Board Member

Cross River Bank has added David Cotney to its board of directors; David Cotney brings in-depth experience in banking regulation and specifically bank chartering to the firm's board of directors; Cotney previously served as commissioner of banks for the Massachusetts Division of Banks where he was responsible for licensing and supervision of state-chartered financial entities; his industry experience also includes roles as chairman of the State Liaison Committee of the Federal Financial Institutions Examination Council and chairman of the Board of Directors of the Conference of State Bank Supervisors. Source

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Europe News Roundup Online Lending

·Mar. 22, 2017

HNW Lending Launches IFISA

HNW Lending offers secured loans from 50,000 British pounds ($62,375) to 1 million British pounds ($1.2 million) for a range of assets including planes and classic cars; the firm launched in April 2014 and is now offering the innovative finance individual savings account (IFISA) to its investors after receiving full platform authorization from the Financial Conduct Authority; the minimum investment for the IFISA is 5,000 British pounds ($6,238) and the accounts will target annual returns of 7% to 15%. Source

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Europe News Roundup Online Lending Real Estate

·Mar. 22, 2017

Property Crowd Launches IFISA

UK debt crowdfunding platform Property Crowd has announced the launch of its innovative finance individual savings account (IFISA); the minimum investment for the IFISA is 5,000 British pounds ($6,220) and the account will target returns of 7% to 10%; Property Crowd will compete for investment across the alternative debt market however its offerings vary slightly from traditional P2P lenders since the firm's debt products include structured real estate bonds. Source

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News Roundup Online Lending USA

·Mar. 21, 2017

Prosper Files Annual Earnings Report

Prosper filed its annual earnings report with the Securities and Exchange Commission showing an annual loss in 2016 of $118.7 million from revenue of $132.9 million; the loss compares to an annual loss of $26 million for 2015; 2016 was a challenging year for the industry overall; Prosper attributes the losses to lower loan volumes and higher restructuring and legal costs; in February, Prosper reported a $5 billion deal with a consortium of investors committing to invest in Prosper's loans over the next two years, which has helped to give the firm a much more positive outlook for 2017. Source

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Europe News Roundup Online Lending

·Mar. 21, 2017

British Business Bank Investments in P2P Platforms Total 135mn British Pounds

Media site Bridging & Commercial filed a freedom of information request into the British Business Bank's investments in P2P platforms; since 2014 the British Business Bank has invested 135 million British pounds ($168 million); commitments are made via the Business Finance Partnership Tranche (BFP) and the Investment Programme (IP); the details are outlined in the above chart. Source

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