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Chirag Shah, CEO of Nucleus Commercial Finance, believes poor underwriting standards by UK P2P platforms will begin manifesting itself in 2017 and more platforms will begin to fail; in an interview with Business Insider he says: "Everyone's done the easy part of building the loan books. Now let's see who can get the money back."; Shah also points out that the big platforms in the UK own most of the quality loan volume, second and third tier platforms are underwriting borrowers who were rejected by banks or the large platforms; Conrad Ford of Funding Options thinks Shah makes good points though he doesn't think there is a systemic underwriting problem across the market. Source
Nucleus Commercial Finance has lent over 500 million British pounds ($624 million) to small and medium enterprises (SMEs) and is planning to ramp up lending in 2017; firm's lending products include asset finance, construction finance, invoice finance and cash flow finance and they are planning to add new products as well as hire three new people for its asset-based lending team; the platform's lending has increased 100% since April 2016 and it is targeting 1 billion British pounds ($1.25 billion) in loans to SMEs in the next 12 months. Source