An online marketplace that connects financial institutions looking to purchase loans with those who are selling loans is the premise behind BP Connect, a new venture from Business Partners LLC, a business lending CUSO.

Sellers can post the loans they have available for viewing by interested buyers. Potential buyers can also view available loan bundles and receive a daily alert with newly posted loans., according to BPLLC in Chatsworth, Calif. The CUSO said its existing standards and platform allow participating institutions to complete their due diligence process.

For financial institutions seeking to remix their balance sheets, BP Connect aims to provide a channel to purchase or sell residential real estate, auto loans, credit cards and just about any type of consumer loan, according to the CUSO. Because business loans are BPLLC's core product, they will not be offered on the online exchange, said Jean Faenza, president/CEO of BPLLC.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.