loopy #7314

The attached QBE document states a maximum insurance limit of $120K while this borrower has already had over $135K of insured loans funded on the Marketplace. The terms of the insurance include:

It supersedes any previous Credit Limit Endorsement issued on the
Insured Buyer named below. The Permitted Credit Limit stated in this endorsement is not cumulative with any previous
Permitted Credit Limit.

How can another $50K of insured loan be offered from this borrower?

Reply

leotyndall #7315

Dear Loopy,

Thank you for the comment, we run stringent policies and procedures on the limits of the insurance and ensuring the amounts are within the limits.

It is the case, that this listing is part of the insured portion of the offerings by this client. There is another listing that is not insured and there are debtor finance listing where account holder is not the underlying obligor risk, that is why this can be offered.

The total offerings to date by this account is:

12 months – Line of Credit Uninsured 20000
12 months – Supply Chain Financing INSURED 49600
12 months – Debtor Finance INSURED 21600
36 months – Equipment Financing 25000
12 months – Debtor Financing INSURED 20000
12 months – Line of Credit Uninsured 20000
12 months – Debtor Finance INSURED 44500
12 months – Line of Credit Uninsured 20000
12 months – Supply Chain Financing INSURED 50000

You will see that the supply chain which is the only insured exposure to the account holder totals 99600 which is clearly below the limit A$120,000

Kind regards,

Marketlend

Reply

loopy #7338

Thank you for the prompt response.

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