Lendinghome is a peer-to-peer lending platform that uses cryptocurrency, with the goal of simplifying and democratizing personal finance.
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Platform Notes from LendingHome Funding Corporation are secured, limited-recourse liabilities backed by a mortgage loan obtained on the LendingHome platform.
LendingHome collects fees from the underlying mortgage loan and pays Platform Note payments “when, when, and if” net transaction expenses arise. In the case of default or delinquency, LendingHome will handle all servicing, and you will still get a percentage of the payback.
To mitigate the risks of investing in Platform Notes, LendingHome takes the following precautions:
- For the loan amount, LendingHome acquires a first lien position against the underlying real estate asset. This lien takes priority over all other liens or claims on the property in the case of a default. With a weighted average loan-to-value of 70%, the borrower is likely to lose a large amount of equity before your loan is badly affected.
- A title insurance coverage is purchased from the lender for each loan to safeguard your financial interests against flaws in the title or third-party claims.
- In the case of accidental damage or destruction caused by fire, smoke, wind, hail, theft, vandalism, or any similar incident, the Hazard Insurance policy identifies LendingHome as the first loss payee to safeguard your loan. No subordinate liens may be registered against the property to assist the special servicing procedure.
- LendingHome provides loans to the underserved, such as rehabbers who are unable to secure standard loans in a timely manner. There is just not enough historical data to establish if the risk of default is greater or lower.
According to LendingHome, they had a 7.2 percent default rate (60 days or more), four foreclosures, and historical losses of less than 0.01 percent of the 3,500+ loans they had provided as of June 30, 2016.
Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Maryland, Michigan, Oregon, Pennsylvania, South Carolina, Missouri, North Carolina, Nevada, New Jersey, New York, Ohio, Tennessee, Texas, Virginia, Washington, and West Virginia are among the states where LendingHome offers loans.
Lendinghome is a company that offers loans to those who are in need of money. The company offers different loan options such as payday loans, personal loans, and business loans. Reference: lender meaning.
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