Heartland gives Harmoney extra backing
Heartland Bank is to pump more money into Harmoney’s loans.
Monday, April 11th 2016, 6:00AM
Lending on the country’s’ first peer-to-peer platform reportedly slowed during negotiations to extend the facility.
Heartland is a major backer of the platform. Its latest market update shows institutional investors , such as the bank, have funded 74 per cent of all lending and retail investors just 26 per cent.
Harmoney said its facility had been increased from an initial $50 million to $85 million.
‘The facility is designed for Heartland Bank to invest in loans on the Harmoney platform alongside retail lenders.”
Lending is expected to increase during the second half of the financial year.
There has been $213 million lent through the Harmoney marketplace since it launched in September 2014. It has a realised annual return across the portfolio of 11.66 per cent.
Total interest paid out to investors to March 21 this year is $16.9 million, up $2 million from February.
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