thank you for taking time to reply, please if I may three further questions for you to consider one will afford you an opportunity to express and the other two seek specific replies:
a) Please what sets Huddle Capital apart from other p2p Platforms?
Please allow me to rephrase to read:
b) Are Huddle Capital's loan Underwriting processes and Legals upon completion of a loan undertaken exclusively by Huddle Capital?
c) Does Huddle Capital look after its own Credit Control in-house for any late repayments and has it appointed it's own recovery Agent in the event of future default that is one independent of its Appointed Representative authorising partner?
Separately I am aware that your Client account is Administered for you by ReBS (an administrative error highlighted this to our Forum).
best regards, J.
Thanks for coming back to me. Of course, I'm happy to answer any questions you may have.
Our mission statement "to provide investors the opportunity to earn high yields from lending to high quality and carefully screened businesses and real estate developers looking to raise finance to grow their business and make a meaningful contribution to improving the economy" is not just a catchy mantra. It's our way of life here at Huddle, and drives our every action from finding and screening new employees, to facilitating matches between the right borrowers and investors. We understand that the future strength of our economy lies in innovative new enterprises creating jobs and wealth, and recognise the pivotal role investors play in making this happen.
We have our own in-house underwriting and legal team that work in conjunction with carefully selected external partners where appropriate. This means that all the underwriting work is completed by us here at Huddle, and follows our strict procedures. and overseen by Re Building Society. This is also true of legals, our contracts, and the application of our terms and conditions which are all Huddle's.
Being an Appointed Representative simply means that our Financial Compliance is overseen by a 3rd party and reported to the FCA, rather than being the ultimate responsibility of Huddle. This doesn't however mean someone else runs our business or carries out key commercial activities for us. As an Appointed Representative we are simply covered under an 'umbrella' for compliance whilst we await our own full permissions from the FCA.
However, being an Appointed Representative does mean that Regulatory Compliance may require Re Building Society to act in certain circumstances. Should an event like this arise, you would always be notified of the reasons for this in advance.
Our credit control processes are entirely our own. As you are aware, even with the most thorough of underwriting checks, the unexpected can still unfortunately happen. However, you can rest assured that we have a robust set of credit control procedures, and a team of highly experienced credit control professionals and litigation lawyers in place to ensure you are as protected as possible in the event that something does go wrong.
As you rightly point out, in line with regulatory requirements, our client account is administered by ReBS, this is because as an Appointed Representative we are not authorised to hold client funds by the FCA.
The point we always try and get across is that Huddle is owned by it's parent company Access Commercial Finance who's directors have been lending their own funds for many years. They also invest substantially in all Huddle loans. We don't just say it - we really do treat your money like it is our own, because our money is always sat alongside yours.
I hope that I have been able to answer all your questions, but if you do have any other queries, please don't hesitate to contact me.