Technology-enabled loan servicing platform launches for private lenders

GREENVILLE, S.C., Nov. 11, 2024 /PRNewswire/ -- Faes & Co: South Carolina-based Petra Loan Servicing has launched a new platform that is built specifically for the private lending sector. The business has been founded and backed by industry veterans who have created a technology-enabled platform that aims to bring loan servicing for the private lending sector into the 21st century.

Petra's CEO, Joe Dillamore, is an Oxford-educated entrepreneur who previously built a private lending business in the United Kingdom. He has raised capital and backing from California-based investment firm Faes & Co, which has a deep pedigree and almost two decades of experience in the private lending sector.

Joe Dillamore commented:

"When I started looking at the private lending sector across the US, it became very apparent that there was a huge market that was being serviced by largely legacy operators, that have a quite outdated way of operating. We are bringing a fresh approach, with a simple and transparent pricing structure and technology that we have built to streamline processes and significantly reduce friction for lenders and their borrowers."

"With some loan servicers in the market, lenders are forced to complete PDF forms and send emails to onboard a loan, and they can wait days for payoff statements. At Petra we have a technology platform that allows lenders to onboard a loan in around 5 minutes, and statements and payoffs are provided very quickly. We have also done away with the menu of endless fees for miscellaneous items. At Petra we have a simple fixed fee pricing structure, which is consistent with our approach of trying to simplify the whole loan servicing process."

"We're off to a great start, and we look forward to building long-term relationships in the market as we grow our business."

The firm has already secured its first two lending customers and is slowly rolling out the platform to a waitlist of others wanting to use the platform.

To schedule time to speak with Petra Loan Servicing, please click here.

About Petra Loan Servicing

Petra Loan Servicing provides modern loan servicing for private lenders, streamlining manual tasks like payment processing and borrower outreach, while maintaining compliance with state licensing requirements. Through paperless onboarding, proactive payment management, and a real-time loan management portal, we deliver the speed and reliability lenders need to grow.

For more information, please visit www.petraservicing.com and follow us on LinkedIn https://www.linkedin.com/company/petraservicing/ 

About Faes & Co

Faes & Co is an investment firm focused on providing investors with consistent, stable, asset-backed returns. Our flagship Faes & Co Income Fund invests in real estate bridging loans secured by first mortgages against residential property across the US. The firm's team have been involved with building direct lending businesses in the UK, Ireland, Australia, and the U.S.; these companies have over $5 billion in Funds under Management and employ over 200 people. For information on our group, please visit www.faes.co.

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SOURCE Faes & Co.