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LendKey’s loan sale platform, ALIRO expands loan sale capabilities

By Edlyn Cardoza

January 31, 2022

  • ALIRO
  • Credit Unions
  • Digital Lending
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LendKey, Digital Lending, Credit Unions, ALIRO, Financial Institutions, FinTech, Flow Transactions, liquidity, Neighbors Federal Credit Union, Louisiana, Payment Remittance, USALendKey, a leader in managing digital lending networks for credit unions and banks, recently announced that it has expanded the capabilities of ALIRO, its platform that allows for the sale and purchase of loans. Launched last February, ALIRO’s loan participation programs enable financial institutions to buy and sell loan participations, more easily partner with FinTechs, and trade loans amongst themselves to optimize their balance sheets. The ALIRO product suite is now enhanced to address bespoke, one-time loan sales and balance sheet needs in addition to programmatic forward flow transactions.

LendKey has an active customer portfolio of more than 325 financial institutions, accounting for more than $400 billion in available balance sheet assets.

ALIRO provides a seamless, customizable platform to address common challenges facing today’s credit unions and banks – whether looking to sell loan participations in a single pool or establish a programmatic, recurring forward flow sale program – ALIRO is a tool to help optimize balance sheets, liquidity, and streamline ongoing reporting and payment remittance requirements. Financial institutions leverage ALIRO’s technology to set up lending networks with existing partners and find a new buyer and seller opportunities. ALIRO’s lending networks include in-school student loans, education refinances and home improvement loans originated by LendKey and its lending partners, as well as other asset classes originated by third-party credit unions or FinTechs.

To launch ALIRO’s newest platform enhancement, LendKey partnered with Neighbors Federal Credit Union, a Louisiana based credit union with over $1.1 billion in assets. The deal, executed on the ALIRO platform, facilitated a one-time sale of Neighbors’ in-house auto loans to two credit union investors. All parties were seamlessly onboarded onto the ALIRO platform, where they completed diligence and digitally executed the sale, including funds transmission and settlement. Additionally, all ongoing reporting and funds remittance will occur on the platform.

“Given LendKey’s 10+ year track record working with credit unions and banks, our ALIRO platform is uniquely positioned to facilitate traditional financial institution and fintech partnerships and can now handle one-time loan trades in addition to programmatic recurring partnerships,” said Mike Stallmeyer, COO and CFO of LendKey. “By providing a simpler, streamlined transaction process we’ve removed traditional barriers so more credit unions and banks can easily enter the loan participation market, making it simpler for financial institutions to diversify their portfolios and gain access to a variety of loan types, on their terms.”

“LendKey is a trusted name with a strong track record of developing digital lending networks for credit unions and banks and with the launch of ALIRO’s one-time sale capabilities, they’ve given us another avenue to sell loan participations and manage liquidity. From data transmission to payment remittance, settlements and reporting, LendKey helped make the entire sales process much simpler,” said Cassidy McFarland, Vice President, Treasury of Neighbors Federal Credit Union.

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