Peer-to-peer lender seeks firms for legal panel

Cornwall-based Peer-to-peer lender, Folk2Folk, are seeking a hundred firms to put together a national legal panel to help expand their reach across the UK.

Folk2Folk is a peer-to-peer lender that encourages people to invest their savings in their local area whilst benefitting from what they say is a “great interest rate”.

So far Folk2Folk say they have funded £82.5 million worth of loans to help fund farm diversification, property development, equestrian centres, wedding venues, and golf courses without any apparent defaults.

The firm believes it will take eighteen months to assemble its preferred panel to help expand across the UK and has expressed a preference in smaller high street firms based in rural communities although they also say all firms are welcome to apply.

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.”

The firm which was founded by two solicitors was recently visited by MP Jacob Rees-Mogg.

Speaking at the firm’s Midsomer Norton branch, the MP for North East Somerset said: “It was a pleasure to visit the Folk2Folk office and learn about their business model of local lending. My ancestors’ legal practice (the forerunner of Thatcher and Hallam) was involved in private mortgages, which provided the foundations for the type of service offered by Folk2Folk today.

“It is good to see the return to a traditional way of funding to this community. Folk2Folk enables local businesses to benefit from individual investments by those wanting a higher return on their money. This has had a positive effect in my constituency of North East Somerset with businesses securing funding through Folk2Folk. This money provides them with the means to carry out ambitious projects giving a boost to the local economy.”

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