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Economy & Finance

Published on November 21, 2008

Author: dpereira


Social Lending & Traditional Lending: Friends or Foes?

Virgin Brand Awareness in the US Nationwide Awareness of Virgin Awareness by Major Market Minneapolis Toronto 83% 82% Boston 90% 76% Chicago g New York San Francisco 89% 94% 93% Los Angeles 93% Miami 91% “Have you heard of Virgin?” Source: Simmons Two Year Study 2007; ABT Research Feb 06

Virgin Brand Target in the US OPTIMISTIC AMBITIOUS OPEN CONNECTED EXPRESSIVE (122) It’s important to have lasting (325) I like to stand out in a (240) I have a keen sense of (214) I am an optimist (209) I am a workaholic relationships crowd adventure (176) I like to enjoy life, (207) I’m work centered (117) I enjoy spending time with (177) I speak my mind even if it (255) I like to pursue novelty, ( ) p y, d ’t worry about th f t don’t b t the future family my f il t upsets people l challenge and change (201) I want to get to the (136) I’m very happy with very top of my career (191) I enjoy entertaining people in (163) I’m frank, straightforward, (207) I’m brave, courageous and my life my home candid, outspoken adventurous (176) I look at work as a career, not just a job (160) I like to have a close circle of (180) I consider myself to be (218) I’m interested in friends creative international events (245) The internet is the prime of (213) I’m interested in other my entertainment cultures (224) Would pay more for environmentally f i dl products i t ll friendly d t Source: Simmons Two-Year Survey 2007/ Mullen Analysis

Innovations Social Lending • Pioneer in the U.S.; originally CircleLending • First to report P2P loans to credit bureaus (Experian, Transunion, PRBC) • First to develop robust product line for home loans, business loans, student loans and personal loans loans, • First to distribute social lending p products via intermediaries ( (mortgage g g brokers, financial planners)

Social Lending Market Opportunity Peer-to-Peer Loans are Common, Mainly Among Relatives and Relationships bet ee Parties e at o s ps between a t es Friends: Extended Other Family 7% 9% •$89 billion in outstanding Parent/ transactions between “family and friends” in the U.S. Child 39% Siblings •72% of first-time home buyers have 21% access to funds from relatives •90% of all small business start-ups get money from informal sources such as Friends friends and relatives 24% Data sources: Federal Reserve Board, Survey of Consumer Finances, 2004; Monitor Company survey of 400 individuals in 4 states; Proprietary research; Global Entrepreneurship Monitor.

Growth • Two Customers for the Price of One • Deep customer relationships for multi- multi years (90%+ Willingness to Refer / Cross-Sell) • Highly engaged client base • Above-average credit scores FICO Score Distribution 25.0% 21.2% 20.2% 20.0% 15.8% 13.7% 15.0% 9.1% 10.0% 6.0% 6.0% 7.0% 5.0% 1.0% 0.0% 300-349 350-399 400-449. 450-499 500-549 550-599 600-649 650-699 700-749 750-799 800-850 Virgin Money National Average

Home Loans

Student Loans, Business Loans, Personal Loans

Sample “Coupled” Products with Banks Student Loans Percent of Site Visitors by Income Bracket • Parent borrows, student repays in a 100% flexible manner, family saves money 90% 22% 33% 80% Mortgages 70% 28% • Borrower gets affordable second 60% 21% mortgage and g g g gets to deduct interest 50% 40% 21% 28% • Private investor in the first mortgage 30% gets superior quality client with a 20% social anchor for repayment 10% 25% 22% 0% Business Loans / Cards P2P Traditional Mortgage Providers • Start-up l loan f from F&F, pre-qualify lf for Virgin Money loan from bank <$30K $30-60K $60-100K $100K+

Oh Behave! Loan Servicing Protocols Flexibility and Structure • Spread out missed payments •M Move payments t end of l t to d f loan • Grace periods before first payment • Portable Piggyback

Predicting the Future Analyst forecasts are optimistic US Peer-to-Peer Loan Originations (in Billions) •Projections range from $1.3B to $5.8B $7.00 by 2011 – this is growth from $300M in $ $6.00 2007 $5.00 $4.00 •Gartner predicts that by 2010, social Gartner banking platforms will have captured $3.00 10% of the available market for retail $2.00 g lending $1.00 $1 00 $0.00 2007 2008 2009 2010 2011 2012 Celent Javelin OBR

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