CommLoan has obtained $2.25 million in seed funding from Social Leverage and ViaWest Group; the firm is the first to offer an online marketplace for commercial mortgage borrowers; it makes loans directly to commercial mortgage borrowers and also uses a network of lending partners to match borrowers with lenders; the firm plans to use the funding for business development. Source
RiverNorth's total portfolio consisted of 10,173 loans with an average loan size of $10,176 at the end of July; in the note to investors RiverNorth shared that investors are becoming more comfortable with online lending assets with more awareness likely to drive further growth; highlights two recent positive events in the industry including Prosper's recent securitization and Lending Club's Q2 2017 results. Source
Elevate's Center for the New Middle Class has released a study showing subprime consumers are limited in their ability to utilize credit balances or borrow from their social networks; the Center's study reports 70% of nonprime Americans couldn't cover an urgent expense of $500 or more with their savings and 64% wouldn't be able to borrow from friends and family; the Center's study amplifies the need for solutions targeting nonprime borrowers; Elevate's Center for the New Middle Class is currently undergoing research efforts to support nonprime credit access and personal financial management efficiencies. Source
Bank of America Merrill Lynch says they are implementing HighRadius, an enterprise software AI solution to speed up reconciliation of receivables; they specifically are looking to focus on the bank's largest business clients; HighRadius uses AI, machine learning and optical character recognition to match a payment to a receivable; this will help cut down on some of the labor intensive work and more efficiently be able to send payment reminders to clients; BAML is the latest bank using AI to improve processes and cut cost. Source
Avant's new partnership with Regions bank is helping growth projections and business development plans for the firm in 2017; Avant says the Regions partnership which began in October is expected to generate 25% of the firm's loan volume in 2017; the partnership includes referrals from Regions for customers who are not approved for loans; the firm also has four other partnerships planned for 2017; it plans to hire 125 new employees and is targeting monthly loan volume for 2017 of $250 million; also says it's launching a credit card product in July; the credit card will be offered to customers not approved for loans on the platform. Source
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Infinity Eclipse provides a new loan management solution for lenders; it features a user friendly interface for both lenders and customer service representatives; it streamlines data for performance reporting, customer service and accounting; the platform is highly secure and customizable; it's also built for a range of technical integrations and includes digital technology for documentation. Source
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