MarketLend (Australia) ReBS related

I hope this is ok to post, as no names are mentioned.

I'm glad to say that I just had funds for a recently completed loan returned by MarketLend - prior to drawdown they repeated their DD & added further checks, and weren't happy with it. 

With recent concerns of lax DD from some platforms, I thought it worth noting this example of DD - and good comms too.

Excerpt from email:

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"We perform rigorous checks and balances prior to listing a loan on the marketplace, and only place it on the marketplace after the application process. In our application process, we speak with the borrower, perform external checks, obtain executed documentation of the agreements and perform a rating analysis.

When a loan is fully bid, as in this case, we then proceed to settle the loan. At that time we perform another verification check, double check all documentation including matching signatures to the identification documents, verifying drivers licence, and we speak with the borrower about settlement, use of funds and process to repay.

In the process of the settlement for this loan, we were uncomfortable with the response from the borrower on the ability to pay, as a result of one of the borrowers not being available to talk to us due to a possible incapacity, and we were not happy with the results of property searches on the property.

In light of this, we considered the risk was not as published and therefore could not be settled. We apologise for the inconvenience but we have cancelled all bids, and re credited your account. We have spoken and written to the borrower, and advised them that the loan will not proceed.

We want to support our borrowers and in this case the Australian farmers, but we do believe that all investors and borrowers need to work within a transparent, safe and protected environment, and it is our obligation to provide this."
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I'm impressed (and grateful).