California CUSO Launches Loan Seller, Buyer Network
Business Partners LLC, a business lending CUSO, has created BP Connect, an online marketplace that connects financial institutions looking to purchase loans with those who are selling loans.
Sellers can post the loans they have available for viewing by interested buyers. Potential buyers can also view available loan bundles and receive a daily alert with newly posted loans., according to BPLLC in Chatsworth, Calif. The CUSO said its existing standards and platform allows participating institutions to complete their due diligence process.
For financial institutions seeking to remix their balance sheets, BP Connect aims to provide a channel to purchase or sell residential real estate, auto loans, credit cards, and just about any type of consumer loan, according to the CUSO.
"With this new participation marketplace, it's easier than ever for financial institutions to manage liquidity, reduce their concentration risk, and diversify their portfolios," said Jean Faenza, president/CEO of BPLLC. "We've removed the middleman and created an environment where buyers and sellers can easily find each other and conduct business using our advanced loan participation platform and tools."
Financial institutions can find out more information and request a demonstration by visiting the BPLLC website at http://www.businesspartnersllc.com.
Established in 1995 by the $416 million
Telesis Community Credit Union, BPLLC serves more than 180 credit unions.