ThinCats in advanced talks with new institutions
THINCATS is in “advanced conversations” with several new institutional lenders, with majority shareholder ESF Capital potentially managing their portfolios.
ThinCats announced on Wednesday that it had updated its terms and conditions, partly to address upcoming changes to its institutional investor base.
“We are also introducing provisions to facilitate institutional lending alongside our retail investors; we are in advanced discussions about this and hope to be able to announce full details shortly,” it said in an announcement on its website.
“This development will considerably enhance ThinCats’ attractiveness to borrowers, and therefore significantly improve our ability to grow the quantity and range of investment opportunities for all of our investors.”
Stuart Cazier, head of retail at fund manager ESF Capital, confirmed to Peer2Peer Finance News that the “advanced discussions” were with new institutional investors and that ESF may be appointed by them to select and source loans on ThinCats’ platform.
Cazier said the peer-to-peer lender had “cleaned up” its terms and conditions so that they apply more clearly to both institutional and retail investors ahead of the new agreements.
Other updates to the terms, outlined by ThinCats on its website, include details of the firm’s full Financial Conduct Authority authorisation and its change of back-up service provider from Street (UK) C.I.S to Baker Tilly Creditor Services.