We received over £2m in just 24 hours, with lots more ISA transfer applications coming through in the post today. Great news, but we've had to temporarily close new ISA applications in order to manage rates/queues without compromising on the quality of loans available on the platform.
We'll hopefully be reopening applications next week...
I withdrew from LW becquse of the cash drag. How have you managed to now quickly source £millions of super prime consumers to fulfill this ISA flood?
We've obviously been preparing for a large inflow of new lending capital for some time, so have some new affiliate relationships going live (some of which are already live) which will improve the current level of origination. It's been steadily increasing over the last few months and should be £3-4m p/m through Feb and March, compared with around £1.5-2m previously. In addition, our lending throughout this busy period is almost exclusively being retail funded i.e. not institutional, whereas in the past it's been 33% or so institutional.
We're still anticipating some cash drag though, unfortunately, related to getting initial large lump sums lent out, but reinvestments continue to be matched same or next day.