Madiston PLC to Launch New U.K Peer-to-Peer Lending Site “LendLoanInvest”
Madison PLC will be soon launching a peer-to-peer lending site in the United Kingdom. The site will operate under the name “Lend Loan Invest” and will make use of the domain, LendLoanInvest.Co.Uk.
Madison PLC has not announced when it’s planning to launch its new peer to peer lending service, but says on its corporate website that LendLoanInvest is in “its final preparations before launch.” The company notes on its corporate website that it has been granted a consumer credit license, which would suggest that the company has jumped over the appropriate regulatory hurdles to operate a peer-to-peer lending company. The actual “Lend Loan Invest” website states that the company is still trying to raise an Angel round of venture capital to launch its website.
LendLoanInvest’s website is live, but it can be best described in its current form as “half baked.” The peer-to-peer lending site remains unpolished and has sample content on a large number of its pages. The site even boasts a large “Under Construction” notice. It appears that the website is also based on the Joomla Content Management System.
The company’s website suggests that it will be making use of a reverse Dutch auction system to match lenders with borrowers. This is similar to the system that Prosper used to use, before abandoning it for a fixed-rate system based on the borrower’s credit score. Under LendLoanInvest’s system, borrowers will create loan listings and investors will bid to fund a dollar amount of a given loan at a set interest rate. The investors that offer the best rates to borrowers will be given the opportunity to fund the loan.
Madiston PLC is also the first peer-to-peer lending company to make its lending platform commercially available. The company issued a press release via RFP News stating that its “comprehensive software platform for person-to-person lending and borrowing” is now commercially available. The company says that its platform has the ability to do a reverse-Dutch auction (Prosper’s previous lending model) and fixed rate loans. Madiston’s system also handles financial transactions, performs account management functions and has an email notification system. The company says that its platform has a tool for investors to create automatic investment plans and has a structure in place to create a secondary market.
This story was originally published by American Banking News (http://www.americanbankingnews.com) and is the sole property of American Banking News. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://www.americanbankingnews.com/2011/05/16/madiston-plc-to-launch-new-u-k-peer-to-peer-lending-site-%e2%80%9clendloaninvest%e2%80%9d/
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.