LendKey, a lending-as-a-service solution for banks and credit unions, announced on Monday it has formed a partnership with Allied Solutions to offer its digital lending solutions, including unique and innovative loan participation programs, to Allied’s more than 4,000 clients.
According to LendKey, Allied is a provider of insurance, lending, and management solutions. The company has seen existing clients struggle to grow loans that have an attractive yield and yet still perform. LendKey claims its solution will provide its partners the ability to originate and buy loan participations in prime assets. While sharing details about the new partnership, Dave Underdale, Chief Marketing Officer for Allied Solutions, stated:“For us, LendKey is a good solution that solves the very relevant and challenging problem of loan volume for our clients. Many of our clients are dealing with slow loan growth and low-yielding portfolios, and need solutions that can help them effectively deploy capital and maximize returns. LendKey’s single vendor platform delivers participations in multiple asset classes, which increases lending opportunities and simplifies the due diligence process for our clients.”
LendKey reported it been successful in helping nearly 300 existing clients digitally transform areas of their lending business. The company shared that it offers the most unique and innovative approach to loan participations available in the market. Christian Widhalm, SVP of sales and marketing for LendKey, went on to add:“Access to quality loans is a challenge facing many lenders today. This partnership is the perfect fit to bring accessible loan participation programs that provide attractive yield and strong risk mitigation tactics to Allied’s many well-rooted lender relationships.”