29th Nov, 2017

The rebuildingsociety
Lender Info Pack

Keeping our lenders informed is something we take very seriously at rebuildingsociety.com. In addition to our Lender Education blog category, which features articles dedicated to providing information about various aspects of our platform, we have also created a Lender Info Pack, ready for you to download, read and refer to.

Our lender-focused pdf document begins with an introduction to our platform and a look at the lifecycle of lenders. We then offer an overview of the types of lender accounts we offer, before moving on to explain how to use our platform. This section includes what to understand before lending, navigating the lender dashboard, how to lend, our automatic bidding tool and the recovery processes we follow should they prove necessary.

You can download the lender info pack here, and visit our Lender Education blog section here. If you have any questions about the lender process on rebuildingsociety.com, don’t hesitate to get in touch with us.

Download our lender info pack


28th Nov, 2017

Commercial Finance Brokers: What You Should Get From A P2B Platform

Gone are the days when the terms “alternative finance” and “peer-to-business lending” were new to commercial finance brokers. The problem now is not figuring out what this new finance is, but understanding who to go to when. The peer-to-business lending industry has grown significantly over the last five years, and there are now numerous platforms offering finance to all ranges of businesses, for almost every reason, and at vastly varied rates.
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24th Nov, 2017

A Date for the Diaries:
FinTech North December

On Friday 8th December, FinTech North will be hosting another event in Leeds city centre. The seminar, scheduled to take place between 8:30am and 11am at Platform, is ideal for financial directors, accountants, independent financial advisors and wealth managers with an interest in the industry.

case-study-KylieAs with the other recent FinTech North events, December’s gathering will commence with a breakfast and networking opener. Keynote speeches covering the initial coin offerings, SME acquisition funding and regulatory changes will be given by Mark Lumley, and our own Daniel Rajkumar and Kylie Greeff respectively.

Mark will be exploring a new alternative to an old standard, while Daniel will be giving delegates insight into some of the new advantages of using alternative finance in SME acquisitions, touching on structural and tax efficiency, among other things. Kylie, meanwhile, will analyse some of the regulatory structures the FCA have in place, and how they affect innovation within the industry.

A panel discussion and question and answer session will follow the keynote speeches, before the event draws to a close at 11am. The team behind the FinTech North initiative are hoping to match and exceed the 60-80 delegates who have attended previous events, and in doing so, continue to facilitate conversation, communication and collaboration within the northern FinTech industry.

Visit the Eventbrite registration page to read more and sign up for the free event.

FinTechNorthLogo


15th Nov, 2017

NorthInvest Summit in Leeds

FinTech in the north of England is a particularly hot topic of late. In the last three weeks, there have been at least four FinTech events in the region, including the FinTech North Seminar on Friday 8th November. The sector is gaining the attention and support of big supporters and companies. The latest event, the NorthInvest Summit, held on the 14th November, was hosted and sponsored by KPMG at their new Leeds offices, in collaboration with NorthInvest.

Image 2The breakfast event kicked off with three short presentations from Daniel Rajkumar of White Label Crowdfunding and rebuildingsociety.com, Alex Letts, Founder of U and Henri Murison, CEO of the Northern Powerhouse Partnership.
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14th Nov, 2017

FinTech North November

The responsibility of northern businesses and the dangers of robo-advice.

On Friday 10th November, 74 people representing northern FinTech companies attended the 2nd monthly FinTech North Seminar, this month sponsored and hosted by law firm, Ward Hadaway in their Leeds offices.

Simon Brereton, Head of Innovation and Sector Development at Leeds City Council, was first up to speak. He gave an overview of the Leeds FinTech scene, and highlighted how the council is supporting the sector, playing an active role in its development.

The morning featured two keynote speakers: Henri Murison, CEO of the Northern Powerhouse Partnership, and Dr. Iain Clacher, Associate Professor Accounting and Finance at Leeds University Business School. Both speakers are big advocates and supporters of northern businesses, and have a particular interest in FinTech companies based in the region.
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06th Nov, 2017

How To Get Your Loan Funded

At rebuildingsociety.com, we are always looking for smart ways to improve our processes in order to help our lenders and borrowers. We have made several changes this year, and as such, we decided to revisit our How to Get Your Loan Approved and Funded blog post from January this year.

Here, we take you through the three steps of the process: fulfilling criteria, your application going live, and a loan being fully funded. You can also see our loan funded flowchart for a visual overview of the process.


Fulfilling Criteria

Our Basic Criteria

We request that applicants fulfil some basic criteria. We require that:

  1. The applicants be Limited Companies, LLPs, PLCs or social enterprises.
  2. Companies provide at least two years trading and filed accounts. (If you are a recently incorporated Ltd. Company with a trading history as a different entity such as a sole trader then you may still be eligible.)
  3. Companies have no outstanding CCJs.
  4. Directors/Partners are UK residents.
  5. Turnover is greater than £150k. (We will also consider businesses that are on course to meet this requirement in the current financial year).

If you meet these criteria, we would love to receive an application from you. You can find our application form online here. On average, it takes less than 10 minutes to complete our application. Watch our Application Walkthrough video for a step-by-step guide. And, if you have any questions or require any help with submitting an application, you can reach us on 0113 815 0244 or at apps@rebuildingsociety.com.

Documents Required

Our assessment of the business consists of two stages: a financial review and a security review. The financial review will enable us to give you a quote and a starting rate for the loan. The security review will allow us to assess the eligibility of the security and confirm any discount that will be due.

Information required for financial review:

  1. Filed accounts of the last two years
  2. Up-to-date VAT returns since last filed accounts OR management accounts, including balance sheet and P+L, to within 60 days of the application
  3. Business bank statement for the last three months
  4. Details of any existing borrowing, including providers, monthly repayments and amounts outstanding

Information required for security review:

  1. Completed Statements of Assets and Liabilities for all directors
  2. Personal Credit Report for all directors (this can be obtained for free from noddle.co.uk)

Underwriter’s Questions

During the assessment process, our underwriters may have some questions, which they will raise via the listing discussion forum. You will receive an email notification when any questions are posted. To respond to these questions, simply log in and reply directly to the underwriter. Any pertinent topics will be left visible for our lenders once the loan goes live. Any information provided which is sensitive or not directly relevant for the lenders will be removed before listing.

Once your application is approved by the underwriters, you will need to review and approve the listing before it goes live.

Reviewing the listing gives you a chance to make any changes to the listing blurb before it goes live and is viewed by potential lenders. As the listing is the first thing potential lenders will see about your business, it is always beneficial to make sure that it contains sufficient detail. You want to give a true and fair picture of your business, what you need the loan for and why lenders should invest.

We also have the capacity to upload any pictures, files or embedded videos that you would like lenders to see, so you may wish to include some of the following:

  1. Business plan
  2. Introductory video
  3. Cash flow forecasts
  4. Asset valuations/property valuations
  5. Promotional pictures

Security Discount

Before your loan goes live, you may wish to consider the security you have offered. Well-secured loans attract lower final rates, fund faster and may also qualify for a discount on the starting rate of up to 5%. You can find out more here.


Your Application is LIVE!

Once you have approved the listing, we will email you to let you know that the loan is now live on our site and attracting bids.

It is good practice at this initial stage to add an introductory message on the discussion board to introduce yourself, so that the lenders are familiar with who they are directing their questions to.

Once the loan goes live, you will be asked questions by potential lenders. The answers you give will often dictate whether they decide to invest or not, so it is important that you ensure that you answer these in as much detail and as promptly as possible.

By subscribing to the listing discussion forum, you will be automatically notified via email each time a new question or reply is posted on your listing. You can also visit the site to engage with lenders at any time.

Our lender base is comprised of a wide cross-section of individuals of various ages, demographics, professions and business experience. Applicants have found this stage of the process to be a valuable opportunity to get the most out of the P2P lending experience, by engaging with potential customers and potential new business contacts, and gaining a number of potential new stakeholders with a vested interest in seeing their business succeed. Building a good rapport with our lending community from the start of the application will likely see the application fund quicker and at a better rate.


Your Loan Has Been Fully Funded

The day after the auction closes, we will send you a completion email which will lay out the steps you need to follow before we can release the funds.

This email will contain:

  1. A confirmation of the final interest rate and a breakdown of fees and funds
  2. A step-by-step guide on how to complete the online loan acceptance process
  3. The legal documentation for the loan (e.g. Loan Agreement, Personal Guarantee)
  4. Details of the ID, bank statements, additional contact details and security documents that we require.

We try to make the completion email as easy to follow as possible. However, if you do need any additional assistance with any part of this process, we’re always available to provide guidance, so please get in touch via telephone or email, on 0113 815 0244 or at apps@rebuildingsociety.com.

Once you have completed all of the steps and posted the completion documents back to us, you just need to wait for us to confirm the transfer. Once our team has reviewed the submissions, we will be in touch to let you know that we have authorised the transfer.

For more information about P2P lending, read our recent articles about Platform vs Lender Responsibilities, Key Risks and Private Peer Loans.


02nd Nov, 2017

NorthInvest Leeds and Yorkshire FinTech Summit

On Tuesday, 14th November, the NorthInvest Leeds and Yorkshire FinTech Summit will be taking place at the KPMG offices in Leeds city centre. Daniel Rajkumar will be speaking at the breakfast event, which is scheduled to begin at 8:00am and end at 9:30am.

The summit is designed to bring together industry leaders from the region. Hosted by NorthInvest, in partnership with KPMG and Leeds City Council, the event will focus on creating a mandate for the establishing of a clear plan of action. Presentations, discussion and debates will be the first step in opening dialogue, and attendees will hear from FinTech experts and key players within the industry.

The event is a great opportunity to promote various FinTech opportunities in the region to interested parties, including prospective investors.

“I am very excited to be speaking at another event that focuses on the potential of FinTech in the north. We need to pool resources and create an open dialogue that can lead to collaboration,” Daniel explained.

Sign up for a place at the NorthInvest FinTech Summit soon to avoid disappointment!


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