Ramsdens joins pioneering Legal Panel for P2P business lending
December 8, 2016
Ramsdens Solicitors LLP have announced their appointment to a new national Legal Panel launched earlier this year this year by Folk2Folk, the UK’s largest fully authorised Peer-to-Peer (P2P) lending platform.
Panel law firms such as Ramsdens Solicitors will carry out the important legal work necessary to complete loans for local business owners that take a loan from Folk2Folk. With a depth of local knowledge, Ramsdens will play a key part in the loan process in helping to validate the properties to secure against the loans. By being part of the Folk2Folk Legal Panel, firms such as Ramsdens will develop new income streams through the legal fees associated with the loans. By doing so they play a pivotal role in supporting their local business community.
By building a Legal Panel Folk2Folk is creating a network of local law firms across the country to enable solicitors to introduce their clients to alternative forms of funding that suit their individual requirements.
As an alternative finance provider, Folk2Folk is not a bank but a peer-to-peer lending service specialising in local secured lending for businesses. Folk2Folk enables local business to achieve their business goals and grow by matching local and rural businesses looking for finance with local investors looking for a great return. Investment returns on offer range from 5.5% to 6.5% based on the LTV of the property which acts as a security against the loan and other criteria.
By introducing more than £120 million of lending to local businesses across the South West, Folk2Folk has helped match funds from local communities to businesses to enable them to grow, prosper and thrive.
Paul Joyce, Managing Partner at Ramsdens comments: “We are delighted to be working with Folk2Folk as their innovative approach to lending is refreshing and adds a modern twist to rural lending.”
Jane Dumeresque, Folk2Folk CEO, said: “Ramsdens Solicitors is one of the leading law firms in West Yorkshire with a strong heritage in the local area and we are delighted to welcome them to our Legal Panel. Ramsdens Solicitors have deep ties to the local community, which combined with their ability to provide an exceptional service means they are a perfect fit for the Legal Panel.”