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Proplend Team Gets Another Upgrade

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By on 31 October, 2021 | Read more by this author

Every year, or so it seems, one of 4thWay's specialists conducts an interview with a new head of credit at Proplend*. The 4thWay team then throws in some additional background research. Each time, the conclusion is that the key decision maker in the lending team has been substantially upgraded.

This time, 4thWay's specialists think it's not going to be easy to upgrade again.

About Proplend's new head of credit

The new head is Tarun Patel, with 20 solid years of highly relevant experience for Proplend's kind of loans.

In his own words, he said “I have seen real-estate trends from boom to crash and back again. I've ridden the storm several times. I've met really good people, good borrowers, good companies – and some not so good.

Digging into Tarun's history, he studied economics and then went straight into finance. He learnt his trade in the real-estate team at Barclays HQ as a credit analyst. At this time, Barclays was providing a great deal of training for young graduates.

After doing this for around a decade, he moved to Fortis for a couple of years. It was here that Tarun would have experienced the global financial crisis of 2007-2008. This didn't go well for Fortis, as it ran into severe trouble. Fortis had teamed up with Royal Bank of Scotland to buy the huge Dutch bank ABN AMRO in late 2007. The cost left it too weak to deal with the mushrooming crisis.

Tarun moved to Santander with some of the others on the credit team. He stayed there in the credit department for 11 years, working on real-estate lending. He was looking after large corporate transactions before moving up from manager to senior manager. He then had his own small team with delegated authority to approve deals.

At Santander, Tarun was the head of a smaller credit committee and a member of a larger one. He also participated in the executive board's main credit committee.

In Tarun's own, ironic words: “I know a little bit about real-estate lending, I would say.”

What has Tarun changed since starting?

Each new head of credit at Proplend has always said that the existing processes are pretty good already. Especially the collateral. None of them have seen the need for major changes. This includes Tarun.

Even so, since he joined, he has moved quickly to tighten up the lending operations.

He found some parts of the existing loan assessment that needed to be expanded on and others that could be dispensed with.

Tarun introduced a fact of ownership. The person within the company who is writing the papers that lay out the key aspects of the potential loan needs to own it and articulate why they think it's a good deal.

He has changed the mindset at Proplend to probe more deeply into holding borrowers to account on their business plans, with a particular interest in whether the borrower's plans for repaying the loan are achievable and deliverable.

Read the Proplend Review.

Visit Proplend*.

Independent opinion: 4thWay will help you to identify your options and narrow down your choices. We suggest what you could do, but we won't tell you what to do or where to lend; the decision is yours. We are responsible for the accuracy and quality of the information we provide, but not for any decision you make based on it. The material is for general information and education purposes only.

We are not financial advisors, which means that we don't offer advice or recommendations based on your circumstances and goals.

The opinions expressed are those of the author(s) and not held by 4thWay. 4thWay is not regulated by the ESMA or the FCA. All the specialists and researchers who conduct research and write articles for 4thWay are subject to 4thWay's Editorial Code of Practice. For more, please see 4thWay's terms and conditions.

*Commission and impartial research: our service is free to you. 4thWay shows dozens of P2P lending accounts in our accurate comparison tables and we add new ones as they make it through our listing process. We receive compensation from Proplend and other P2P lending companies not mentioned above when you click through from our website and open accounts with them. We vigorously ensure that this doesn't affect our editorial independence. Read How we earn money fairly with your help.

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Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers two “bonds”, one of which is available as an ISA.

Unlike its P2P lending service, neither of these bonds allows you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

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Why are Wellesley’s interest rates different?

Wellesley’s P2P lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Wellesley’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers two “bonds”, one of which is available as an ISA.

Unlike its P2P lending service, neither of these bonds allows you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

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Why are Wellesley’s interest rates different?

Wellesley’s P2P lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Wellesley’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers “bonds”. Unlike its P2P lending service, its bonds don’t allow you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

Got it

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