NN IP’s head of alternative credit Gabriella Kindert reveals her key predictions for the alternative lending space in 2017.
Connectivity and interdependence have increased in most industries, including financial services in the last decade. In the wave of digital transformation, new business models are born.
From the crisis of 2008 to date, €19bn has been invested in fintech companies with hundreds of them newly founded. Though this number may not seem very high in the context of the balance sheets of the entire financial sector (€28trn) or the recent fines some banks needed to pay, there are many aspects that are clearly changing in the landscape of financial services. Customer expectations drive changes in business models. New partnerships as well as methods of connecting borrowers and lenders are born.
Herein I provide my reflection on recent trends and highlight some key predictions for 2017 in the alternative lending landscape in Europe.
Currently in Asia, we often see owners, operators and lessors choosing Hong Kong, Liberia, Marshall Islands or Panama as the flag state for their vessels. The reasoning behind choice of flag is the topic of an article in itself and will not be addressed here. Suffice to note that all four flags are widely accepted by financiers (noting also the flag will determine the governing law of the mortgage over a vessel) and we have rarely seen a financier refuse to finance on account of a counterparty’s choice of one of these four flag states.
Ownership is critical to choice of flag. For Hong Kong flag, the special purpose company that will be registered as owner of record on the Hong Kong Shipping Registry (HKSR) must either be incorporated in Hong Kong or registered as a non-Hong Kong Company under Part 16 of the Companies Ordinance (Cap 622 of the Laws of Hong Kong). Incorporation of a Hong Kong company is now very quick although a company incorporated overseas may take significantly longer to register as a non-Hong Kong Company in Hong Kong. For the Marshall Islands, under the Maritime Act (1990 as amended), entities incorporated under the Associations Law (including the Business Corporation Act (BCA) and the Limited Liability Company Act) and any foreign maritime entity qualified under Division 13 of the BCA may register a vessel in the Marshall islands. For Liberian flag, a vessel may only be registered in the name of a non-resident Liberian entity, however a waiver of such ownership requirement may be granted to permit registration by a non-Liberian entity, provided that the registered (non-Liberian entity) owner files in Liberia as a foreign maritime entity. Nationality of ownership for Panama flag is not regulated.
Does anyone know what the success rate/turnover rate/and conditions of working as a mortgage loan originator for acceptance capital in Washington are?
No need to ask the same question more than once.