Best site for loans – primary and secondary market
Best site for loans – primary market
The internet has made a noticeable contribution to developments in the primary loan market through easing the flow of documentation, in a business where detailed information memoranda and dense legal documents are common. Intralinks has brought efficiency to this process with its offering of “a digital workspace for the primary loan market”, formerly known as Intraloans.
Intralinks was founded in New York in 1996 by a group of financiers who wanted to improve efficiency and reduce cost in the paperwork-intensive syndicated loan market. Investors in the company include Chase Manhattan, Reuters and Ernst & Young.
Intralinks was first used for a syndicated loan in April 1997. Since then, according to Tim Poole, Intralinks’ managing director in London, the top 25 American syndicated loan banks have all become users of the system. Poole points out that the World Bank and a large number of domestic Australian banks are also now coming on board. He says: “Most of the world’s largest financial institutions have used Intralinks, we have 50,000 users spread across 92 countries.”