Peer to Business Loans
The practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. This is an innovative new way to get a loan for your business – without going to a bank.
At the heart of this new sector is the notion that everyone gets a better deal. With low interest rates for savings and a banking culture that now views risk in a completely different light to previous years, it’s hardly surprising that savers and borrowers are looking for alternatives.
The process to secure funding is a simple one:
- Your application is assessed by a peer-to-business lending platform and a decision made within 2 working days.
- Your business is given a risk band based on its financial information and a loan request webpage is automatically posted and promoted to the private lenders registered on the site in question.
- Lenders bid to lend you money. The more bids you get, the lower the rate of interest you pay. You can also encourage your contacts to lend and pay them a return ahead of a bank.
- Once your loan is fully offered, you can choose to immediately accept or if there is still time to run in the auction, to promote the profile to new lenders to reduce the repayment rate.
- Upon your acceptance, the loaned funds will be transferred directly to your bank.
Via our lending partners, we can help you obtain unsecured loans up to £50k, secured loans up to £250k. If your application is successful, you can expect to have the funds in your bank account within just one month.
The qualifying criteria are:
- Terms of 6-60 months
- Loan sizes £25,000-£250,000
- Secured or unsecured loans available with fixed rates decided by the loan auction
- Limited companies, LLPs, PLCs, and social enterprises are acceptable
- Businesses must have been trading for at least 2 years and have 2 sets of annual accounts filed
- We require sight of management accounts covering the period ending no earlier than 60 days prior to the date of application
- Minimum turnover of c.£200k p/a
Business such as residential and buy to let mortgages in the UK are provided through Coreco Partners LLP, other business such as overseas mortgages and commercial mortgages are provided through Coreco Specialist Finance Limited and are not regulated by the Financial Conduct Authority.
Coreco Specialist Finance Limited. Registered office: 117-119 Houndsditch, London EC3A 7BT. Registered in England, Number: 06851546