LendInvest and Pepper UK, have agreed to form what is believed to be the industry’s first partnership between a UK online property finance marketplace and an outsourced loan servicing business.
Under the terms of the partnership, Pepper UK will take responsibility for servicing all new loans originated by the LendInvest team. The LendInvest team will service existing loans until the autumn at which point these loans will be migrated to the Pepper team for continuity of service. All loans that require special servicing (e.g. arrears or expiries) will continue to be handled by the LendInvest team.
Christian Faes, Co-Founder & CEO of LendInvest, said “Collaborating with a hugely experienced loan servicing business like Pepper marks an important stage of development for the LendInvest business. Not only does working with Pepper improve our own operational efficiencies, but the partnership promises significant benefits for both borrowers and investors. For instance, borrowers will have access to a deeply experienced and dedicated team of servicers throughout the term of their loans. Investors too will be comforted to know that our loans are serviced by a highly experienced and regulated servicer, making it easier for institutions in particular to invest in whole portfolios of loans.”
Richard Klemmer, CEO of Pepper (UK) added “We have worked very closely with the LendInvest team as it has expanded over the past twelve months and are confident that with Pepper on board, the service and experience received today by LendInvest clients will only be enhanced by our long-term partnership.”