After casting its net wide, the peer-to-peer lender created by owners of a Cornish law firm has attracted interest from more than 100 firms across the country seeking to join its legal panel.
Folk2Folk, which was co-founded by two partners at West Country firm Parnalls three years ago to provide an alternative to banks for business and property loans, has so far appointed 19 firms to its panel.
The panel has attracted interest from 149 firms across the country, with some expressions of interest still being processed.
Folk2Folk started its search for law firms in January, and aims to appoint 100 firms over the next 18 months as it looks to extend the business to the rest of the country.
Three of the most recent firms appointed include Tanners in Gloucestershire, Milne Moser in Cumbria and Wright Hassall in Warwickshire.
Folk2Folk said the firms were appointed due to their expertise in rural and agricultural sectors. Many of the appointed firms have already received their first instruction.
Jane Dumeresque (pictured), the chief executive at Folk2Folk, said: ‘All three firms embody what we are looking for in legal panel firms, namely: proactivity and responsiveness coupled with deep connections with their local area and into rural communities in particular.’
She told the Gazette that she was very encouraged by the take up, and expects the lender will appoint around 30 or 40 of the firms that have so far expressed interest to the panel.
She added: ‘As law firms are so well connected in their communities, what has been encouraging is they have been introducing us to other professionals as they get to know us. That has really helped build our brand awareness.’