Virgin Money Reaches $300 Million Loan and Mortgage Volume

Rapid growth attributed to clear consumer desire for alternative financing options.

Waltham, MA (PRWEB) April 29, 2008 -- Virgin Money USA, the financial services company that challenges the way consumers think about loans and mortgages, today announced that it has surpassed $300 million in total loan volume.

Virgin Money manages loans and mortgages between family and friends, offering consumers a unique product line and a customer experience that banks and lending companies cannot match. With interest rates that are typically two-to-three percentage points lower than what banks charge, coupled with flexible repayment schedules, friends and family loans managed by Virgin Money provide the alternative financing consumers are seeking.

"Our significant growth over the past 6 months proves that consumers will act when offered a way to realize their hopes and dreams while keeping money in the family," said Asheesh Advani, CEO, Virgin Money. "We believe that Americans have rights when it comes to their money -- the right to choose loans that fit their needs, the right to use money to help loved ones, and most of all, the right to a better deal."

Virgin Money was launched in October 2007 after Virgin USA, Sir Richard Branson's North American investment group, acquired a majority stake in the former CircleLending. In the six months since the launch of Virgin Money, the company has experienced steady and significant growth in its friends and family loan and mortgage volume. The product suite currently includes innovative and alternative financial options to help customers manage real estate, business, education and personal loans:

- Family Mortgage: a private loan between friends and family secured by real estate and used toward the financing or refinancing of a home.

- Retirement Mortgage: a private alternative to a reverse mortgage which helps families financially support a retired homeowner in exchange for equity in the home

- Business Builder: giving private business loans the structure and protection individual lenders deserve, and the flexibility and convenience entrepreneurs need to make a go of it.

- Student Payback: a new financial service to help families collaborate with students on the cost of college.

- Handshake Plus: a simple and smart way to manage loans with relatives of friends for a car, credit card debt, wedding or virtually anything else; borrower and lender mutually decide on interest rates and repayment schedules.

About Virgin Money USA:

Virgin Money USA is a financial services company committed to offering consumers alternatives to traditional and costlier forms of credit. The company provides a safe and easy way for people to make loans between relatives and friends - thereby helping people to arrange affordable loans without hurting their relationships, to enjoy the benefits of flexible loans that fit their needs and to keep money where it belongs - in the family. With interest rates that are typically lower than what a bank charges, coupled with flexible repayment schedules, Virgin Money allows consumers to take major steps toward achieving their personal dreams, with help from friends and family. Visit us at http://www.virginmoneyus.com.

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