Introducing Figure Loan Marketplace
Interested investors can buy and sell loans on the Provenance blockchain
Figure Technologies is excited to be the first to leverage the Provenance blockchain for buying and selling loans and loan participations. Every week, Figure will release a pool of Figure HELOCs for bid wanted in competition (BWIC). Interested banks, credit unions, funds and other institutional buyers can log in, diligence collateral, review and sign the loan purchase agreement (LPA) and submit a bid. One week later at 12:00 p.m. PT, the winning bidder will be notified and have 24 hours to fund the purchase. Loans can be reoffered in part or in whole back into the marketplace, giving buyers potential liquidity. As with all Figure HELOCs, the loans are recorded and serviced on Provenance blockchain.
Here’s the process for participating in the auction
Figure’s goal in using Provenance is to deliver a fast, easy and liquid marketplace.
Key advantages in the Figure marketplace include:
Secondary market liquidity
Real-time, bilateral settlement
Comprehensive, electronic loan documentation
Reduced custody and servicing expenses
Real-time performance information
Frequently asked questions
Figure is leveraging the Provenance blockchain to realize benefits such as cost savings, process efficiency, capital liquidity, real-time bilateral trading and transparent reporting. Learn more about this unique opportunity by reading the FAQs.