Online lending marketplace Funding Circle has announced an increased commission for intermediaries until the end of January.
Hoping to fill the void left by the pullout of ING, Funding Circle will pay 4% commission to brokers of successful asset finance deals, plus a 1.5% bonus for those placing successful hire purchase loans.
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Laura McMullen, business development manager at Funding Circle, said: "We have launched this bonus commission for our registered brokers following the imminent withdrawal of ING from the asset finance market and welcome enquiries from all brokers including those that may not yet be registered with us."
It has been a fast rise for Funding Circle, which aims to arrange loans for limited businesses with at least two years’ trading history, including growing its book to £60m-plus since its inception in 2010 and being crowned Innovative Lender of the year at the National Association of Commercial Finance Brokers Awards last week.
richard.brown@vrlfinancialnews.com
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