Funding 365

Funding 365 saves deal with Thirdfort software

Funding 365 has rescued a commercial bridging deal by utilising client onboarding software provided by Thirdfort.

The £195,000 bridging loan secured against retail space and offices in the East Midlands was for a corporate borrower with a major shareholder who was travelling abroad and difficult to reach.

The technology, which Funding 365 has integrated into its underwriting processes, enabled the lender to complete remote, rapid and secure know your customer (KYC), anti-money laundering (AML) and fraud prevention checks on the hard to contact shareholder.  

This allowed for a swift completion of the loan.  

The application uses digital ID checks, facial recognition technology, PEPs and sanctions screenings and document authentication scans, as well as checks on borrower’s bank accounts facilitated by Open Banking.  

Michael Strange, managing director at Funding 365, said: “With the integration of Thirdfort earlier this year, we have a system that not only speeds up the completion of borrower KYC and AML checks, but also enhances our fraud detection and prevention capability. 

“It’s proving to be especially invaluable in cases such as this, where traditional, paper-based solutions simply would not have worked.”

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