Wright Hassall is delighted to have been appointed to the legal panel of peer to peer lender Folk2Folk.
Launched in 2013, Folk2Folk was created to fill a local funding gap at a time when banks were retreating from small business and when local savers were frustrated with poor returns.
A key element of Folk2Folk's ethos is the importance of local knowledge and local understanding to help build a picture of the person or business they are looking to lend to. Working with law firms that have strong community values is, therefore, key.
Today, Folk2Folk is one of the UK’s largest Peer-to-Peer lenders (P2P) to business and a leading lender to rural business. Local lawyers are a crucial part of the effective workings of Folk2Folk’s business model and Wright Hassall is proud to have secured a place on the panel.
Built upon traditional values, the company has enjoyed huge success since its inception in 2013, growing to become a leading lender to rural business and introducing more than £81 million of lending from local investment. Cumulative volume of lending increased 100% in 2015 from £40 million to £80 million. The company has supported businesses and facilitated millions of pounds of investment by introducing lenders to borrowers in various industries.
Banking and finance solicitor Christoper Jones explained, "Wright Hassall has been advising individuals and businesses in our local community for 170 years. Our heritage is important to us and we are pleased to be working with a lender who places the same value on community relationships as we do."
Lucie Byron, who works on secured lending transactions within the commercial property team added, "The agricultural sector is strategically important for us and we regularly work with farmers and rural businesses who are looking to do different things with the property and land assets which they have around them. Funding is, obviously, a key element of many rural diversification projects and one that we regularly advise our clients on".
Folk2Folk’s Chief Executive Officer, Jane Dumeresque, said: “Local lawyers are a crucial part of the effective workings of Folk2Folk’s business model. As we expand nationally, we are committed to maintaining our unique local focus. So at a time when other Legal Panels are being disbanded, we are shining the spotlight on local law firms and actively seeking to recruit them to our Legal Panel. Local community knowledge and expertise is paramount to the success we have seen so far and we are looking forward to teaming up with local law firms to continue that success across the country.”