Proplend’s secondary market liquidity improves after delayed deals
Proplend’s chief executive Brian Bartaby has revealed that liquidity has returned to its secondary market over the past month, after lenders faced delays earlier in the year.
March and April proved to be the busiest two months on the Proplend Loan Exchange (PLE) since its launch in 2017.
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In February, the commercial property platform noted that it was taking lenders more than 200 hours on average to sell qualifying loans.
However, over the past month this has improved with loan parts placed on the PLE moving very quickly again. According to Proplend’s chief executive Brian Bartaby, some loan parts have even been sold within 15 minutes.
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“Fewer loans are going onto the secondary market because people are less worried about their cash position and what is going onto the market is being snapped up like it was before,” said Bartaby.
“Loans are moving quickly, and I would presume this will continue.”
Bartaby had previously said that at the height of the pandemic some lenders were leaving platforms where they were unable to sell loan parts, to use the available liquidity on Proplend’s secondary market.
Read more: Loan queries double at Proplend as platform offers refinancing facility
