Peer-to-peer lender Folk2Folk says it has increased the size of its broker partners. According to the company, this has resulted in several adjustments within the company, including expanding the focus in the South West to become a national lender that accepts business from across England, Scotland and Wales. Folk2Folk reassigned several employees.
Folk2Folk says it has also increased its minimum loan amount to £ 100,000 and a minimum loan investment is £ 20,000.
Folk2Folk states that the expanded team of « BDMs » will look after existing broker partners and will be the first point of contact for other deals introduced by brokers. These deal managers are said to be empowered to make immediate indicative decisions about loans, which enables quick decision making.
Roy Warren, General Manager of Folk2Folk, said the success of theirs
“Broker Channel means realigning our internal resources is a natural next step. By focusing additional resources on brokers, we increase the support we offer, improve the level of personal service, and accelerate decision-making and deal execution. Brokers are playing an increasingly important role in helping UK businesses find the right financing for them – whether it be to grow, diversify or adapt to the new environment – all of this is vital to the Success of our country after Brexit. We have built close relationships with good brokers and are always keen to expand our community of broker partners. «
Folk2Folk said a recent survey found the broker network has 4 out of 5 stars.
The SME lender provides finance for almost any business purpose in all sectors, provided that there is adequate security in the form of land or property. To date, Folk2Folk has borrowed £ 400m and reported a record year in 2020 in terms of business volume and profitability.