Faes & Co: South Carolina-based Petra Loan Servicing has launched a new platform that is built specifically for the private lending sector. The business has been founded and backed by industry veterans who have created a technology-enabled platform that aims to bring loan servicing for the private lending sector into the 21st century.
Petra’s CEO, Joe Dillamore, is an Oxford-educated entrepreneur who previously built a private lending business in the United Kingdom. He has raised capital and backing from California-based investment firm Faes & Co, which has a deep pedigree and almost two decades of experience in the private lending sector.
Joe Dillamore commented:
“When I started looking at the private lending sector across the US, it became very apparent that there was a huge market that was being serviced by largely legacy operators, that have a quite outdated way of operating. We are bringing a fresh approach, with a simple and transparent pricing structure and technology that we have built to streamline processes and significantly reduce friction for lenders and their borrowers.”
“With some loan servicers in the market, lenders are forced to complete PDF forms and send emails to onboard a loan, and they can wait days for payoff statements. At Petra we have a technology platform that allows lenders to onboard a loan in around 5 minutes, and statements and payoffs are provided very quickly. We have also done away with the menu of endless fees for miscellaneous items. At Petra we have a simple fixed fee pricing structure, which is consistent with our approach of trying to simplify the whole loan servicing process.”
“We’re off to a great start, and we look forward to building long-term relationships in the market as we grow our business.”
The firm has already secured its first two lending customers and is slowly rolling out the platform to a waitlist of others wanting to use the platform.
To schedule time to speak with Petra Loan Servicing, please click here.
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