Aliro by LendKey© provides access to a community of member firms to grow, diversify, and optimize balance sheets, among other asset services
LendKey, the leading lending-as-a-service platform for banks and credit unions, today announced its launch of Aliro by LendKey©, an innovative deal network for trade-ready member firms who are seeking to manage liquidity and optimize balance sheets. Since 2009, LendKey has helped hundreds of credit unions optimize their balance sheets by digitally facilitating over $2 billion in consumer loan participations. LendKey has already received $300 million in loan participation purchase commitments from over 80 financial institutions for 2021. Aliro by LendKey will expand LendKey’s digital offering to serve both bank and non-bank originators, and will encompass a broad array of asset types, including residential mortgage, HELOC, solar, auto, and personal unsecured loans.
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Designed to be the next evolution of loan participations, Aliro by LendKey automates the process by which buyers and sellers seamlessly execute loan transactions, while also providing end-to-end servicing, remittance, reporting, and accounting functions.
“Aliro by LendKey is a wholly digital network that will create efficiencies in the present-day market and democratize the loan sale and participation process,” noted Vince Passione, CEO and Founder of LendKey. “Based on our experience of more than a decade in helping banks and credit unions manage their balance sheets through loan originations and participations, we saw an unmet need in the marketplace for a digital offering to standardize, automate, streamline and accelerate the often complex and time-consuming loan sale and participation process. By improving the efficiency of the secondary market for loan participations, as our starting point, Aliro by LendKey will deliver a first-of-its-kind deal-making network not previously accessible in the market.”
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Record deposits have created significant excess liquidity at banks and credit unions, while many non-bank originators are actively pursuing new capital sources to diversify their funding and support rising loan demand. The Aliro by LendKey network enables banks and credit unions to develop ongoing forward flow agreements with some of the most successful non-bank originators within their respective industries.
Mr. Passione added that Aliro by LendKey will immediately feature both solar loans and personal unsecured loans originated by prominent non-bank lenders that will be accessible to banks and credit unions through forward flow purchase agreements. Additional asset classes will be available soon after.
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