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New service connects loan buyers sellers online
CHATSWORTH, Calif. (1/18/11)--Credit union-owned and operated Business Partners LLC (BPLLC), a provider of member business lending services for financial institutions nationwide, has launched BP Connect, an online marketplace that connects financial institutions looking to purchase loans with those who sell loans. BPLLC's loan participation platform enables buyers and sellers to interact directly in an online marketplace. Sellers can post loans they have available for viewing by potential buyers, who can view loan bundles and receive daily alerts with newly posted loans. BPLLC's existing standards and platform also allow participating institutions to complete due diligence quickly and easily, said the credit union service organization. For financial institutions seeking to remix their balance sheets, BP Connect provides a way to purchase or sell residential real estate, auto loans, credit cards and other consumer loans. "With this new participation marketplace, it's easier than ever for financial institutions to manage liquidity, reduce their concentration risk, and diversify their portfolios," said Jean Faenza, president/CEO. "We've removed the middleman and created an environment where buyers and sellers can easily find each other and conduct business using our advanced loan participation platform and tools." The Chatsworth, Calif.-based BPLLC's member business lending services include origination, underwriting, documentation, servicing, and risk management and reporting. It has more than $1.5 billion in business loans under asset management.


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