The Idea
Many banks and traditional lenders focus on large property developments undertaken by corporate developers, leaving smaller developers to pay premium rates or refusing funding altogether. This gap in the market creates an opportunity to cut out the banks and give everyone a better deal.
Using a more financially inclusive way to lend, using crowdfunding technology, the LendCart team are able to source and fund opportunities. Rate are determined on a relative risk-reward model that offer five tiers of seniority, whereas traditional lenders normally only work with two levels of seniority.
Wanting to bootstrap the business, WLCF agreed payment terms to assist the startup with its launch and respected the tight budget.
Many people like investing in property and our mission is to help smaller developers to undertake smaller developments. Our mission is to play a key role in helping overcome the housing shortage by investing in creating more affodable homes.
Harshit Mishra, CEO and Founder
The Project
With the specifications for this unique project, the WLCF team worked with our experienced developers to implement the required functionality. We consulted closely with the client to implement the innovative five tier options of seniority and implemented algorithmic logic for lenders looking for a blended return.
Following the advice of a trusted professional, the we were careful to implement a system that would be unregulated, allowing the LendCart team to allocated capital on a discretionary basis and oversee key processes.
The project which was spearheaded by WLCF Project Manager Chris Gomez who collaborated regularly with our network of specialist developers to implement the design and UX. Using our bespoke project management tool, the WLCF team effectively managed the project from inception to launch.
Design customisation provided by WLCF included additional investor features and integration with a new emoney provider IFX.
Integration included:
From auto invest feature, investors may toggle their risk-reward appetite to select their return vs seniority. The investor dashboard provides a clear display of the corresponding investments as the total amount repayable and the total interest.
Borrowers do not apply directly but are curated through brokers and the internal LendCart team and the information is collated and uploaded to the platform when ready.
With a background in property development, the client relied on the advice of the experienced WLCF team to guide the right balance of functionality and ease-of-use.
The Launch
Following four months of development, LendCart launched with its first investment opportunity and undertook a marketing campaign to quickly onboard hundreds of lenders. Within weeks, we could see a rapid growth in web traffic.
LendCart now offers an easy way to administer hundreds of investment relationships.
In the three months follwing launch the platform has been able to fund a range of deals and we are in discussion regarding the necessary steps to enable pension unds and SSAS accounts.
It’s been a delight to work with WLCF on building a lending management platform that best suits our needs. Their experience and advice never fails to impress, and they frequently go the extra mile to ensure the business will be successful. I’d recommend them for anyone looking for a powerful, customisable loan management system.
Harshit Mishra, CEO and Founder
