Peer-to-peer (P2P) lender Folk2Folk is launching its first legal panel as it seeks to develop a national network of up to 100 law firms.
The panel is being run by legal relationship manager Amanda French, who joined the company in September from River Island’s in-house legal team.
Cornwall and Devon-based Coodes Solicitors has already been appointed one of Folk2Folk’s first panel firms.
The lender will appoint a host of local firms to enable it to have a geographic spread across the UK. City-based firms will also not be ruled out, with Folk2Folk’s management team having worked at firms including Burges Salmon and Bond Dickinson.
Panel law firms will be expected to carry out the legal work necessary to complete loans in their region and the amount they may be instructed on will depend on application volumes in a certain area. For instance there were 240 transactions in the Cornwall and Devon region last year.
Folk2Folk was set up in early 2013 by the owners of Parnalls Solicitors and organises funding to borrowers for projects, such as house building, leisure facilities and property acquisition.
The inaugural panel review forms part of Folk2Folk’s national expansion strategy as it looks to develop a larger professional network and set up more high street stores.