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.
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