MONEYTHING is planning to launch its new variable price secondary market in the coming weeks.
The business peer-to-peer lending platform surveyed its customers about changes to its secondary market last year and concluded that it would allow loans to be sold at a discount.
“We’re looking forward to launching the new variable price secondary market within the next couple of weeks,” the platform said in an update this week.
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“We have spent considerable time developing and testing the new functionality and we are excited to launch the service.
“The new service will allow lenders to offer loan parts for sale at a discounted rate to other lenders. This should help to improve liquidity on the secondary market.”
Currently, loans are offered on the secondary market at par, but the platform says offering discounts may improve liquidity and would ensure the market is populated by serious sellers.
It said trading will have to be temporarily suspended at times to make this change.
The platform also revealed it has appointed Fahad Khamkar from Hampshire Trust Bank to lead its loan management.
“As we grow MoneyThing, we will increase resource on both on the origination and loan management side to ensure that we can continue to manage the loan book responsibly as well as to continue to offer lenders quality new loan opportunities,” MoneyThing said.
The update said it has experienced an uplift in enquires and has been building up its sales pipeline for investment opportunities.