New York, NY (PRWEB) April 24, 2014 -- Peerform,
a peer lending company, announced today that it has entered into an agreement
with Looking Glass Investments (LGI). Under the agreement, LGI will fund whole
loans with a fixed interest rate set by the Peerform Loan Analyzer and made
available on Peerform’s loan portal.
Launched earlier this month, the Peerform Loan Analyzer represents an alternative approach
to assessing the creditworthiness of a borrower. Developed by several leading
economists and finance professionals with backgrounds in online consumer
lending, applied microeconomics, empirical finance and technology, the Loan
Analyzer has the ability to offer loans to creditworthy individuals with a
credit score as low as 600.
A 600 credit score requirement represents a significant
departure from the higher minimums instituted by other leading peer-to-peer
online lending platforms. “We firmly believe that our proprietary system can
identify creditworthy borrowers who have less-than perfect credit. The
relationship with LGI further validates our vision and approach,” said
Peerform’s CEO and Co-founder, Mikael Rapaport.
In commenting on this partnership, Matt O’Malley, President
and Chief Operating Officer of LGI, stated, “Peerform understands what our
investors have known for many years; the union of empirical research and modern
technology leads to an enhanced return on investment in this asset class. We
are confident the Peerform team will consistently deliver quality investment
opportunities to our investors for the foreseeable future.”
One of the two loan products offered by Peerform,
the whole loan lending program allows one investor to fund a loan in its
entirety. A borrower receiving a loan funded through the whole loan platform
will secure funds in an expedited time frame. Given the growing demand for this
product, Peerform is actively working to attract sophisticated lenders in all
50 states and abroad.
Peerform’s second product, the fractional loan program, is
available to accredited investors in all 50 states under the newly instituted
Regulation D, Rule 506(c) of the Securities Act of 1933. Under this new
offering, Peerform is permitted to undertake General Solicitation activities
when targeting prospective lenders who are accredited investors. Previously,
the program was only offered under Regulation D, Rule 506(b).
In commenting on the LGI transaction and the company’s new
products, Peerform’s Chairman, Gregg M. Schoenberg commented, “Our team is
committed to widening access to alternative credit solutions that bypass
traditional banks, not only for borrowers, but also for the multitudes of
prospective lenders across the country who are interested in high-quality
income investments.”
About Looking Glass Investments
LGI integrates skillfully developed predictive analytics
with proven proprietary technology to evaluate investment opportunities. Our
innovative statistical and mathematical methods are researched, developed, and
maintained by experts in financial econometrics and allied techniques. The
result is an exceedingly effective process which places our custom built,
precision guided algorithms in a position to select superior investment