Ablrate is to contact all its borrowers to assess their plans to get through the coronavirus crisis and see where it can provide support.
David Bradley-Ward (pictured), chief executive of the asset-backed lender, revealed the plan to liaise with borrowers as part of efforts to monitor the platform’s loanbook throughout the pandemic.
“Our job is to take a look at the loanbook to see what we can do to secure your funds and hep our borrowers,” Bradley-Ward said in a video message to investors.
“Everyone should be aware that our loanbook is not immune, there will be situations that come up but we are creating a strategy to allow us to get through this period.”
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Bradley-Ward said the platform would offer resources that direct coronavirus-hit businesses to the government support and help them apply.
All Ablrate borrowers will also be contacted so the platform can assess their strategy, business continuity and disaster recovery plans and see if it can help provide support.
He added that it would not be helpful to default loans “left, right and centre,” adding that it is support that is required.
He urged lenders to be patient when it comes to loan updates and to not rush to discount and sell loans on its secondary market.