NEW YORK CITY — Lending platform Quilo unveiled its real-time syndication network that allows banks to digitally originate loans during FinovateFall 2022 in New York City.
The Staten Island, New York-based company’s technology supports individual loan syndication for personal unsecured fixed-installment loans up to $60,000 and individual home improvement loans up to $160,000, according to Quilo co-founder and co-CEO Don Shafer.
The platform can also instantly underwrite, and syndicate the loan in seconds, with fractional participation from participating multiple financial institutions within the Quilo network, who take a piece of the loan. Splitting up the loan enables these banks to lower their risk, take on more loans, and, participate in other loans other banks are pushing through the network, per a release from the company.
“With hyperinflation, you have interest rates going sky high and fears of recession of when these things are going to happen,” Shafer said. “With the Quilo platform, [lenders] can start syndicating at the time of the application submitted, in real time, for any individual personal or home improvement.”
Fintechs can plug into the cloud platform through open APIs and access the dashboard, which allows lenders to set thresholds and risk parameters for loans, according to a company release.
The company said it has partnerships with 40 community banks and credit unions, including $1.4 billion First State Bank, $442 million Pendleton Community Bank and $205 million First Community Bank and Trust.
Larger loan amounts will soon be available for homebuyers, with a five- to six-minute window for issuing, Shafer said.
“[Quilo] will enable all lenders to provide more loans, larger homes, for longer terms, to people with less risk than ever before,” he said.
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