Virgin Money Offers Social Loans and Peer-to-Peer Financing
Virgin Money Offers Social Loans and Peer-to-Peer Financing
Virgin Money is a social lending program founded by Sir Richard Branson. Family and friends can fund personal loans secured by loan contracts and promissory notes. Borrowers have access to payment tracking software and payment calendars to remind them of payment dates and amounts.
Virgin Money also offers peer-to-peer lending which allows borrowers to submit loan proposals to private funding sources. P2P loans can be arranged for nearly any type of loan including real estate purchases, college education funding, automobile loans, and business startups. Loan documents are created through Virgin Money and documented through appropriate agencies.
Presently, Virgin Money is not considered a retail bank, but plans are in the works. Branson acquired the private retail bank of Church House Trust in January 2010 and is currently establishing banking regulations in the U.K. In addition to personal loans and P2P lending, Virgin Money plans to offer checking and savings accounts, and real estate mortgage loans.
In the U.S., Virgin Money offers personal and business loans, and privately-funded mortgage loans. Funding large purchases for family or friends can be risky, but Virgin Money offers tools that generate legally-binding loan documents to minimize risk of default. In order to access required forms, legal contracts, and payment tracking software, members purchase loan packages which range in cost from $99 to $500.
Privately-funded loans are assessed interest rates based on state usury laws. Oftentimes, individuals are able to obtain financing with a lower rate of interest than through banks. This results in savings which can enable borrowers to repay their loan more quickly.
Individuals who want to buy a house using social loans may want to consider Virgin Money Family Mortgage. These loan packages include tools for borrowers to create loan proposals to attract private funding sources. Members also receive a personal payment processor account, lien management tools, and personal financial coaching.
Virgin Money offers three mortgage packages Basic, Full Servicing and Full Closing. Basic includes drafting loan documents including the mortgage note and property lien, and filing documents to appropriate government offices.
Full Servicing includes the above, along with payment processing and credit reporting. Full Closing includes everything offered in Full Servicing, along with submission of closing documents and property transfer documents.
Virgin Money's Full Closing package can be a good choice for sellers providing seller carry back mortgages and lease purchase option agreements. It can also be a good option when family members transfer real estate to another family member, such as with inheritance property.
When buyers engage in seller-financed loans, Virgin Money can provide the tools they need to provide proof of payment to lenders when they refinance mortgages. Owner will carry financing normally extends for 1 to 3 years while borrowers engage in credit repair strategies.Once contracts expire, borrowers are required to obtain financing to pay off the mortgage note.
Peer-to-peer loan payments are reported to PRBC; a credit reporting agency that is used to monitor loan payments for financing obtained through private funding sources.
Buyers unable to obtain financing through conventional lending sources, or those who prefer to not take out a bank loan, may find Virgin Money a good solution.
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