Mortgage News
Paratus AMC acquires majority stake in P2P lender
Mortgage servicer Paratus AMC has acquired the majority stake in peer-to-peer (P2P) lending platform Funding Empire, following its partnership with Keystone through P2P lender Landbay earlier this month.
Funding Empire, based in Cardiff, said the move would allow the lender to develop its proposition through new products and funding.
Earlier this month, buy-to-let lender Keystone announced that P2P lending platform Landbay had taken over Aldermore’s previous contract as the main funder for its New Classic Range. The range which includes rates up to 80% loan-to-value and products specifically for HMOs and multi-unit property is financed by an institutional funding line backed by Paratus AMC.
Hans Geberbauer, CEO of Paratus AMC, said: “In the fast moving P2P lending environment, they [Funding Empire] have resisted the temptation to take short cuts and built out Funding Empire’s business with great care. Combined with our strong balance sheet, mature back office and proven ability in managing secured assets on a large scale, this a great opportunity to create a market leading business in the dynamic P2P lending market.”
Parag Patel, managing director of Funding Empire added: “With the backing of Paratus AMC and its extensive infrastructure, we will now be able to accelerate our development of the Funding Empire platform and of new funding and lending products without compromising our reputation for taking a very thorough, transparent and customer-centric approach to doing business.”
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