Deposit loan app that pays agents direct launches after false start

first_imgHome » News » Deposit loan app that pays agents direct launches after false start previous nextProptechDeposit loan app that pays agents direct launches after false startFronted has some tech megastar co-founders and aims to increase social mobility by helping tenants pay their deposits more easily.Nigel Lewis17th February 20210474 Views A new app that aims to improve social mobility by lending rental deposits has launched after a false start last year, despite being led by some of tech’s biggest names.Fronted uses open banking and other financial technology and aims to finance deposits directly and more cheaply than existing options, such as credit cards, pay-day lenders and overdrafts, or insurance-backed membership schemes.The fintech also promises that its offer is lower risk. Once a rental loan is agreed, the money is sent directly to the estate agent to be put in the deposit protection scheme – and tenants pay back the cash in manageable amounts.Last March, co-founder and CEO Jamie Campbell (above, right) who made his name at Open Banking platform Bud decided to hibernate the new business as the pandemic took hold.With rents falling in London, it’s now the right time for the start-up to officially launch as 60% of all renters have no savings and aren’t in a great position to move, says Campbell.The other two co-founders are former Monzo high flier Simon Vans-Colina (above, centre) and Anthony Mann (left), who used to work at Apple.Social mobility“Deposits are a huge impediment to social mobility,” he explains. “People who haven’t found a place, they are coming to us to see what deposit they could get and then going to find a property.“For those people, we give them a maximum which is valid for 30 days so they can shop around knowing they have Fronted in their back pocket.”To apply for a rental deposit loan, tenants need to be a UK citizen, have a bank account with more than six months of transaction data and a minimum income of £12,000.The app then checks affordability beyond a simple credit score; those on benefits or furloughed will also be assessed. Loans last 12 months, carry a 12.5% interest rate and no early repayment fees.Fronted Jamie Campbell tenant deposits February 17, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Volunteers Serve Up Kindness, Meals for Christmas

first_imgOver Christmas, some of the extra dinners were handed out at St. Peter’s United Methodist Church. By MADDY VITALECommunity spirit, fellowship, generosity and what the true meaning of Christmas just may be about were found at St. Peter’s United Methodist Church in Ocean City on Friday afternoon.More than 150 people went to the church at 501 E. Eighth Street for a “Christmas Dinner Served by the Community.”People waited in a line for their free dinners of ham, green beans and sweet potatoes and desserts, all courtesy of local businesses.Bags filled tables inside of St. Peter’s stuffed with sides from coleslaw to applesauce and bread to go along with the Christmas feast.“We are so fortunate to have enough. We can share. We should share,” said church member and volunteer for the dinner, Bob McNamara, of Ocean City.Kathy Thompson, a member of St. Peter’s Church, passes out bags for people to put their dinners in.Patty and Jon Talese, owners of the Ocean City restaurant, Jon & Patty’s Bistro, helped hand out the dinners.“This is what we should be doing,” Patty Talese said. “And this year there is a greater need. Hopefully there is enough food for everyone.”Dave Boston, of Ocean City, stood in line for the dinner, just as he had last month, for Thanksgiving.“It hasn’t been a good year,” Boston noted. “What they do at St. Peter’s is really good, though. I am appreciative of what they do. This will make Christmas a little better.”Boston works in the restaurant industry, but like some others who came to St. Peter’s on Christmas Day for the meals, times have been tough for a while. COVID-19 has made it even harder to find work, especially in industries that suffered long shutdowns during the pandemic.Dave Boston, of Ocean City, speaks with volunteer, Jon Talese, as he takes his holiday meal.Karry Jorge lives in Atlantic County, but she comes to St. Peter’s for the meals each year. She has children ages 12, 13 and 22. She lost her job and her unemployment is running out.“It’s been hard – especially this year,” Jorge said. “With three kids it is hard. You worry about them having enough. We are very thankful for these Christmas dinners, though.”And the day before, local families opted to spend their Christmas Eve doing something to help others.The Fasy, Young and Wisnefski families delivered more than 150 dinners to Wesley by the Bay, Pecks Beach Village and Bayview Manor housing complexes.Families get ready to give residents of Pecks Beach Village holiday dinners.All of the meals handed out at St. Peter’s and delivered by the local families were courtesy of Bill McGinnity, of Nobil Catering, and other local businesses, as well as the charitable organization, OCNJ CARE, headed by resident Drew Fasy.Jen Bowman, who is in charge of the food ministry at St. Peter’s United Methodist Church, and a host of other church members and volunteers, took over providing the dinners after organizers Mike and Peaches Lukens retired last year from the event they created 30 years ago.Fasy, who often works with Bowman, who is also a member of OCNJ CARE, said, “The Christmas dinner event, we felt, was an important Ocean City tradition to continue — even if done differently this year. The food is one aspect, the fellowship and care is the more important piece. We did not want that to be missed, especially this year.”Stacks of side dishes line tables inside St. Peter’s church.“Jen Bowman organized this and did an amazing job. We are so grateful to all of the volunteers and partners who so generously helped us,” Fasy added. “Cousin’s Restaurant prepared beautiful meals.”He continued, “Arlene’s, Bennies, and Wards all contributed. Jon & Patty’s and Spadafora’s, the people at St. Peter’s — there was a lot of support for this effort. I think everyone understood the importance of keeping this tradition alive.”And in all of the dinners, St. Peter’s Pastor Eric Hall left a message of hope for the recipients.“The blessings and gifts we share with each other remind us of friendship and community. This Christmas meal is an expression of our love for you and we hope you have a wonderful holiday filled with peace.”The families load up the food at St. Peter’s United Methodist Church. (Photo courtesy of Drew Fasy)Drew Fasy, chairman of OCNJ CARE, takes a selfie with other volunteers in the background. (Photo courtesy Jen Bowman)Allison and Ken Wisnefski, of Ocean City, and their children, Anna, Anderson and Alec, get ready to drop off meals. (Photo courtesy of Drew Fasy)The Youngs make the deliveries a family affair. (Photo courtesy of Drew Fasy)last_img read more