Find here some of our favorite bits and pieces from the press in 2007.
USA Today
"Some peer-to-peer lenders are more exclusive than others. Virgin Money facilitates loans among family and friends, rather than strangers. Virgin says that avoiding eBay-style loans among strangers allows lenders on its site to feel more comfortable issuing large amounts, such as the down payment on a home."
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December 25, 2007
Copyright © 2007 USA TODAY, a division of Gannett Co. Inc.
Christian Science Monitor
"For conscience-driven investors, this close-to-home investment option can be the most effective way to help someone in need, according to Virgin Money CEO Asheesh Advani. In these arrangements, he says, terms of the agreement can be whatever the two parties want them to be, and that allows for the kind of assistance that people value in real-life situations."
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December 24, 2007
Copyright © 2007 The Christian Science Monitor
East Bay Business Times
"Even Richard Branson's Virgin USA is getting into the reverse mortgage business. Earlier this year, Branson's firm bought Circle Lending, a six-year-old Waltham, Mass., firm that formalizes lending relationships among friends and family members. Dubbed Virgin Money, one of the company's latest products is what it calls the retirement mortgage - its answer to the reverse mortgage."
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December 14, 2007
Copyright © 2007 American City Business Journals, Inc. and its licensors
US News and World Report
"New companies, such as Virgin Money (formerly CircleLending), allow family members as well as friends to lend each other money through a more formal arrangement, which includes automatic monthly payments and deposits."
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December 12, 2007
Copyright © 2007 U.S. News & World Report, L.P.
The Dallas Morning News
"On Virgin Money, which facilitates loans between family and friends, the interest rate is negotiated between borrower and lender."
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December 10, 2007
Copyright © 2007, The Dallas Morning News, Inc.
Fortune Small Business
Billionaire Richard Branson wants to help small businesses borrow and grow.
"Why do you need Virgin Money to borrow from your mom? These relationships can get emotionally complicated. Virgin Money mitigates any awkwardness by handling the payments; consequently default rates decrease to 5% from 14%, claims Advani, who is staying on as CEO of the new company."
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November 29 2007
Copyright © 2007 Cable News Network
Associated Press
"The market for so-called "friends-and-family" loans is dominated in the U.S. by Virgin Money USA, formerly a Waltham, Mass.-based venture called CircleLending. The company, which recently sold a majority stake to British billionaire Richard Branson, formalizes loans between family and friends. Virgin Money, which does not limit loan amounts, has more than $200 million in loans, said president and CEO Asheesh Advani. "People are more self-directed with their money, and looking for more options outside of, 'I'm going to walk down the street and borrow money from my bank branch," he said."
November 27, 2007
Copyright © 2007 The Associated Press
CNN.com
What Works: Social Lending (video 4:16)
Watch It Now
Copyright © 2007 Cable News Network
The Wall Street Journal
"So Mr. Wisnefski turned to a lender who would overlook his weak points, give him flexible terms and offer a dream-come-true interest rate: his dad."
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November 26, 2007
Copyright © 2007 Dow Jones & Company, Inc.
The Motley Fool
"Enlist the help of a third-party service such as Virgin Money to add the proper degree of formality to a personal loan. With Virgin Money's personal-loan programs, Handshake Basic and Handshake Plus, you still have the benefit of playing Mr. Nice Guy to friends and family while protecting your money. An interesting wrinkle: Virgin Money will report the borrower's repayment history -- good, bad, and ugly. On the plus side, you could help loved ones repair their credit ratings."
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November 3, 2007
Copyright © 1995 - 2007 The Motley Fool
Virgin Money Event
The revolution was televised. And we’ve got the tape.
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NECN
Billionaire Branson Unveils Virgin Money USA British entrepreneur Richard Branson shoots off a cannon in Boston to announce his new financial service company Virgin Money
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NY Times
"The Virgin Group, which has big aspirations in financial services, is starting small in the United States: today, it is scheduled to open a lending business, Virgin Money USA, intended to make loans easier among family members and friends. The business is built on a company in which Virgin USA purchased a majority stake in May, CircleLending of Waltham, Mass. It organizes and administers private loans."
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October 15, 2007
Copyright © 2007 The New York Times Company
AP
"Branson's Virgin USA investment firm recently acquired a majority ownership stake in a Waltham, Mass.-based venture called CircleLending that helps manage loans between family and friends and tries to avoid misunderstandings and repayment disputes. On Monday, CircleLending and Branson planned to announce in Boston that the venture is being rebranded Virgin Money USA."
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October 15, 2007
Copyright © 2007 The Associated Press
CNBC
Virgin Group is getting into the loan business in the U.S., and Sir Richard Branson, chairman & founder of Virgin Group, and Asheesh Advani, CEO of Virgin Money, discuss their new venture with CNBC's Maria Bartiromo
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CNN Money
Inside the Mind of Virgin
Richard Branson gives Fortune Small Business a behind the scenes look at how he got his start as an entrepreneur.
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MSNBC.com
"As the mortgage market melted down this summer and the credit markets grew chaotic, Michael McCandless, a Lexington, Mass., software developer, watched with detached curiosity. Unlike most buyers scheduled to close on new homes in mid-August, he knew his lender would come through as agreed. The reason? The McCandlesses were financing the purchase of their dream home with a jumbo mortgage underwritten by a generous sister-in-law."
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September 19, 2007
Copyright © 2007 MSNBC.com
Boston Globe
"Most peer-to-peer lending happens between people who know each other. CircleLending Inc., of Waltham, is the granddaddy of peer-to-peer lenders that tap into the "friends and family" market."
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July 2, 2007
Copyright © 2007 The New York Times Company
Market Watch
"Meanwhile, those who want to bypass the high fees might consider a new product from CircleLending, a company that structures and manages private loan transactions. The company's Family Advantage product completely bucks the bank model..."
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June 21, 2007
Copyright © 2007 MarketWatch, Inc. All rights reserved
Daily Herald
"The Family Advantage concept requires a family member, or friend, to write a check every month - or make a lump sum payment - to the parent or homeowner. In return, the person writing the check earns an equity interest in the home, plus interest, when the homeowner moves out."
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June 10, 2007
Copyright © 2007 The Daily Herald Co.
CNN Money
"’We wanted it to seem like we were offering them an authentic business opportunity’," notes Kyle. For that they turned to CircleLending, a site that helps informal borrowers create formal lending deals."
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June 6, 2007
Copyright © 2007 Cable News Network LP, LLLP. A Time Warner Company
Houston Chronicle
"Consider borrowing from friends or family. Getting a private loan from someone you know could help you buy time until you get things together. Borrowing from family and friends could lead to emotional stress, but even a small amount could keep you from foreclosure. Sites such as Circlelending.com can help formalize and facilitate loans between two private parties."
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May 6, 2007
Copyright © 2007 Houston Chronicle
Startup Nation
"We talk about ‘elevator pitches’ all the time here at StartupNation. Come up with something similar that you can present to family and friends: what has been termed a ‘kitchen-table pitch’ by Asheesh Advani. ‘Look them in the eye and say, Here’s why this business idea will work, and here’s what I’m going to do to make it work,’ says Advani, CEO of CircleLending, a Waltham, Mass.-based outfit that arranges loans between entrepreneurs and family and friends."
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May 3, 2007
Copyright © 2007 startupnation.com
Quick Dallas-Fort Worth
"If your parents need help determining loan terms or would rather have someone else give you gentle nudges when payments are due, they could turn to Circlelending, a Massachusetts-based company that offers “private person-to-person loans and mortgages."
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April 25, 2007
Copyright © 2007 Quick
Business Week
"For most startups, debt makes more sense than equity, says Asheesh Advani, chief executive officer and founder of CircleLending, a Waltham (Mass.) company that administers loans between friends and family online."
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April 23, 2007
Copyright © 2007 BusinessWeek
Boston Globe
"Last month, CircleLending, a specialty finance firm in Waltham, launched its “Family Advantage” private reverse mortgage… Also, “there are no age restrictions, lower fees, and, because it takes money out of your estate, you can use it for creative estate planning strategies,” says Debra Neiman, head of Neiman & Associates Financial Services in Arlington, who was consulted on the product."
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March 11, 2007
Copyright © 2007 Globe Newspaper Company
CNN Money
Unlock your home's value: A new kind of reverse mortgage bypasses big-time lenders in favor of family and friends.
"Reverse mortgages, which pay money to home owners based on the values of their homes, seem like a good answer. These loans, however, come with strings not to mention costs. Now, there's a new twist from CircleLending - one where the lenders are family or friends… Using Family Advantage, homeowners pay just $3,999, a big savings compared with conventional reverse mortgages."
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February 9, 2007
Copyright © 2007 Cable News Network LP, LLLP. A Time Warner Company
Morningstar, Advisor Edition
"Whether the loan is going to be structured as an unsecured promissory note or a mortgage, having an independent third party involved creates important benefits for both the lender and the borrower."
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February 1, 2007
Copyright © 2007 Morningstar