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Disruptive New Debt Trading Platform Could Become the PayPal of the Bridging Loan Industry
The Racefields Credit Exchange (RCX) has launched this week with the aim of being the first mover in an underserved market.
The company believes its new RCX platform is the first of its kind in the growing debt market. It allows professional, sophisticated and HNW investors to purchase debt from professional property lenders.
Other debt trading platforms in the market only focus on traders like merchant banks and other large corporates. RCX attempts to disrupt this market by creating an intuitive platform for individual debt buyers and sellers to trade with one another in a secure and transparent environment. For debt buyers, the platform is completely free to use.
“We developed RCX to initially fund bridging loan companies. The sector might reach £5 billion of loans this year and is supported by HNW, sophisticated and institutional investors. Using RCX, these same investors can select a portfolio of loans across many lenders that better matches their investment criteria. They end up backing the loans they want. That makes a lot more sense than backing all the good or bad loans initiated by a single lender,” says David Gammond, chairman of Racefields.
“Peer-to- peer lenders should also consider the benefits of using RCX. Through our platform they are funding professional lenders who understand what a good loan looks like and who know how to recover capital in the event of default. We believe that RCX could become the PayPal of the UK property finance industry as the platform becomes the central transfer point of funds from investors to property lenders.”
RCX is seeking investors based in both the UK and China who are keen to use the platform to invest in asset-backed securities in the UK.
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