A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Until maturity is reached, the borrower repays the loan, plus interest, until he eventually owns the property free and clear.
You shall see that our platform presents a very wide range of offers since our partners consider 1st, 2nd or 3rd Charges on Land, Commercial, Residential or bridging out of a Bridge and others.
With P2P lending not only the rules and borrowing costs are clearly displayed since the beginning of the process, but in addition they will never evolve over your loan term. So you can plan your budget over the long term, without surprises. The same goes for the repayment of loan in advance. If such an opportunity arises, you will be able to do so with no additional charge, which is not the case in a bank.
Using CompareLend.com will give you access to a multitude of peer-to-peer lending platforms at once. Through an easy 3 steps process, you can easily define your needs and plans, compare offers available on the peer-to-peer lending market and apply online. As we see it, comparison is key to get a loan or an investment easier, faster and cheaper.
For the borrower there are 3 major benefits:
Simplicity: it is easier to get a loan through an online platform, because unlike going through an official financial institution, fewer constraints are imposed by the lenders: credit history, purpose of the loan, etc. get accepted or rejected by the lenders, according to their risk management strategies.
Money saving: for 2 reasons: the cost of borrowing is always lower than in a bank and generally, no additional fees are imposed upon a borrower, such us application fee, processing fee, etc. as the whole process happens on line.
Time saving: it is quicker to get approved, having access to a huge pool of lenders, and quicker to get funds, generally between one and three weeks.
The peer-to-peer lending works pretty much in the same way as classic lending, with the rates, monthly payments and risk taking. The fundamental difference is that no traditional financial intermediary is involved in the process. Generally, borrowers’ needs and lenders’ resources meet through an online platform, giving the users an easier access to credit on lower rates and risk-adjusted returns on investments.