Mid-States Corporate Introduces 'Loan Exchange' Program
Mid-States Corporate FCU has introduced a "Loan Exchange Program." Using a secure website, the service matches buyers and sellers of loan participations. "Sellers can list loans that are available to buyers and buyers can review the characteristics of the loan package," MidStates noted. "By keeping the buyers and sellers anonymous, the program provides the avenue for buyers to 'kick the tires' before there is any contact with the seller." Once a buyer's bid is accepted, Mid-States then links the buyer and seller together to finalize the transaction. There is no cost to the credit union to list loans that are available for participation or to "shop" the listing of loans offered by others.