Two Corporates Create Online Loan Package Site

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Constitution State Corporate and Georgia Central have created an online marketplace for credit unions seeking to buy or sell loan packages that is expected to go live in the next few weeks.

Working with SmartSource Solutions, Constitution's technology services CUSO, Constitution and Georgia Central said they are co-developing a new web application that will allow members of participating corporates to post loan portfolios they wish to sell.

Members seeking to purchase loan packages will also be able to access their corporate's loan site to see what is available, the corporates said. "The loan participation marketplace will be a great way to address tight liquidity, exceeded lending limits and a manner in which to diversify loan portfolios," the two entites said.

The site will be accessible via Constitution's link and Georgia Central's link. The product will allow credit unions to post and manage portfolios of various loans they wish to sell or purchase. In addition, loans will include detailed information on amount of purchase, rate structure, loan types and contact information.

For info: 800-352-3823.

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