Tuesday, September 4, 2007

GlobeFunder to launch October 2nd

GlobeFunder has announced on their blog that they will launch in "less than 1 month" and in an email have set the date as October 2nd. GlobeFunder describes themselves as the "first true global small loan marketplace dedicated to offering investors new alternative investment vehicles in an online brokerage like marketplace while simultaneously offering borrowers the opportunity to consolidate their debt and enjoy a decrease in their monthly debt payments by offering lower interest rates." In June GlobeFunder raised $1.5 million in seed capital. Wiseclerk recently interviewed Brian Mullally, GlobeFunder's Co-Founder and CEO. GlobeFunder has also been featured in MicroCapital and Michigan Live. Here is some information about GlobeFunder from their website:

About GlobeFunder

GlobeFunder is committed to being the leader in providing loan funding where it is needed most, at market-driven interest rates, with the highest levels of service and integrity. GlobeFunder's lending marketplace scales by lowering capital costs for borrowers and providing market-driven investment returns for lenders. GlobeFunder's mission is to change the lending industry for positive impact to borrowers and lenders around the world.

GlobeFunder Investors

GlobeFunder members decide where to direct their funds in an automatic and aggregated loan selection search process, making loans to borrowers. Loans are auctioned to ensure market-driven interest rates, and payments will facilitate transactions from lenders to fund loans in GlobeFunder. Loan funding and borrower repayments will be processed and serviced by GlobeFunder.

GlobeFunder Borrowers

Borrowers are US individuals and participating institutions in the microfinance industry from around the world that need capital. The October 2007 launch of GlobeFunder will provide a marketplace to US borrowers seeking loan funding. Prospective borrowers may join GlobeFunder online, and several important verification checks are conducted before borrowers are able to post a loan request including identity checks, credit scoring, residency, debt and income, qualifying their loan and then ultimately originating the loan if approved. US borrower loan request are then published on GlobeFunder and auctioned to US lenders.


Eric said...

I am looking forward to GlobeFunder if Prosper.com does not work out for me. To try and make Prosper.com work (since I am capped at 11% in Virginia), I am wondering if I can offer cash rewards for lenders who fund my loan? Any thoughts on this?

Tom said...

Unfortunately for you GlobeFunder will probably have to abide by the same lending laws in VA as Prosper. Lending Club is an option but they have the same rate cap.

I'm pretty sure that offering a cash reward for borrowers is against the TOS. It's certainly an interesting idea though. I saw your blog post about it over on deepmarket.com. I'll feature your dilemma here on Prosper Lending Review.