Folk 2 Folk
Local, Fast, Secured Lending. We quickly match borrowers with lenders who are looking for competitive returns on their investment and the security of a first mortgage.
Folk2Folk has been set up by the owners of long-established solicitors, Parnalls of Launceston, who have been active in private mortgages since the 1930s.
How does it work?
Simply put, we introduce borrowers with properties in Cornwall and West Devon who are looking for interest-only loans to lenders who are looking for competitive returns on their money and the security of a first mortgage. We aim to complete lending within eight to ten calendar days from an application being made.
Borrowers apply via the website or by coming to see us. As a borrower you can choose either a fixed term loan of up to five years' duration or an "easy in, easy out" loan (three months' notice either way). We can also offer, in certain circumstances, a pre-auction letter of credit.
Borrowers (and the properties being put forward by them as security) are put through our Traffic Light System. Details of those borrowers who satisfy our Traffic Light System are then accepted for lending, at which point their details become available for registered lenders to view.
Lenders register via the website or by coming in to see us. As a lender you can tell us the type of lending and interest rate you are looking for and we will automatically match your preferences to the next available borrowers (we call this 'Green Light Lending'), or if you prefer, you can choose from the list we publish every Wednesday.
Lenders can either lend to one borrower or to a number of separate borrowers (each with their own security) who have been grouped together into a 'Squadron' by Folk2Folk. A lender will be fulfilling only part of a borrower's loan requirement, so each borrower will have more than one lender at any time. This ensures that no single lender is overly-exposed to any one borrower. Typically, better returns are achieved by lending to one borrower. Lenders may however prefer to lend to a Squadron to spread risk even further.
For those lenders who wish to select lending opportunities (as opposed to Green Light Lending), they can do so after login.
For more information: http://www.folk-folk.com/
