Harrogate and Leeds based Berwins Solicitors has announced its appointment to an innovative new national Legal Panel launched in 2016 by Folk2Folk, a leading Peer-to-Peer (P2P) lender to local businesses.
As part of the panel, Berwins will carry out the important legal work necessary to complete loans for local business owners taking a loan from Folk2Folk – a rapidly growing initiative which offers simple, straightforward, local lending and borrowing.
With a depth of local knowledge, Berwins will play a key part in the loan process in helping to validate the properties to secure against the loans, and in so doing the firm will play a pivotal role in supporting the district’s business community.
By building a Legal Panel Folk2Folk is creating a network of local law firms across the country to enable solicitors to introduce their clients to alternative forms of funding that suit their individual requirements.
Reflecting on the initiative, Senior Associate and Commercial Property Specialist Jennifer Kirkhope commented: “We are delighted to be working with Folk2Folk as their forward-thinking approach to lending is refreshing and adds a modern twist to rural lending.
“Supporting local businesses has been at the heart of Berwins growth over past 30 years and it’s exciting to be at the forefront of the latest developments which are revolutionising the industry.”
As an alternative finance provider, Folk2Folk is not a bank but a peer-to-peer lending service specialising in local secured lending for businesses. Folk2Folk enables local business to achieve their business goals and grow by matching local and rural businesses looking for finance with local investors looking for a great return. Investment returns on offer range from 5.5% to 6.5% based on the LTV of the property which acts as a security against the loan and other criteria.
By introducing more than £130 million of lending to local businesses across the South West, Folk2Folk has helped match funds from local communities to businesses to enable them to grow, prosper and thrive.
Jane Dumeresque, Folk2Folk CEO, said: “Berwins is one of the leading law firms in North Yorkshire with a strong heritage in the local area and we are delighted to welcome them to our Legal Panel.
The firm also has deep ties to the local community, which combined with their ability to provide an exceptional service means they are a perfect fit for the Legal Panel.”