CircleLending is in the business of formalizing personal loans. Their website states, For centuries, individuals have been lending money to relatives, friends and business associates. Today the volume of these private loans in the U.S. is over $89 billion, according to the Federal Reserve. Despite this substantial volume, the process of managing private loans can be fraught with hassle, risk and concern. A documentary like view of CircleLending explains why borrowers and homeowners in the know may want to take advantage of this product instead of a reverse mortgage.
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Is there anything that private equity can not do right now?[sarcasm alert] I heard that a couple of hedge funds were looking buy Puerto Rico to put an end to the long time statehood debate. I even heard that private equity was looking to purchase the word, “the” and charge a $.05, per use, copyright fee to authors. The New York times sheds some led on how private equity is swooping in to make some big bets on fallen or broke subprime lenders. Of note, banks and lenders focusing on reverse and other niche mortgages, that maintain good cash flow, can not be far behind.
Private equity is swooping in and taking over the subprime mortgage business, seeing opportunity amid the wreckage.
The subprime mortgage business is in tatters: loan volume is plummeting, defaults are rising and some of the biggest lenders have cut back or shut down.
