Electronic lending and borrowing system

• US 20030036993A1
• Filed: 08/15/2001
• Published: 02/20/2003
• Est. Priority Date: 08/15/2001
• Status: Active Grant

• Current Assignee: Medha Parthasarathy
• Original Assignee: Medha Parthasarathy
• Inventors: Parthasarathy, Medha
• Granted Patent: US 7,447,656 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A common forum for borrowing and lending includes a plurality of remote devices associated with respective potential counterparts, a communications network for permitting communication between the remote devices, and a central server computer. Each user enters preferences and data pertaining to what he or she would like to lend or borrow and under what conditions. The central server computer then uses the preferences of lending and borrowing data from each user to identify possible counterparts that might be mutually acceptable based on the preference information. Once a match occurs, the potential counterparts can negotiate through the central server to negotiate some or all terms. After the negotiation is complete, the forum will reveal the counterpart details to both the parties of contract for settlement.

Claims

1. An apparatus for matching prospective borrowers with prospective lenders to initiate and complete a loan process, comprising:

a means for accepting borrower data via a computer network from one or more prospective borrowers, where said borrower data includes, the type of collateral to be used in the loan, the loan terms and their respective range of acceptable values, and what loan terms are negotiable by each prospective borrower;

a means for accepting lender data via a computer network from one or more prospective lenders, where said lender data includes, the type of collateral to be used in the loan, the loan terms and their respective range of acceptable values, and what loan terms are negotiable by said prospective lenders;

a means for comparing said lender data from each said prospective lender to said borrower data from each said prospective borrower; and

determining when said lender data from a prospective lender matches borrower data from a prospective borrower to identify a user counterpart match, where matching occurs when the values of said lender data equal the values of said borrower data or when said lender data or said borrower data is within the range of acceptable value;

2. The apparatus of claim 1, further comprising a means for storing said borrower data.

3. The apparatus of claim 1, further comprising a means for storing said lender data.

4. The apparatus of claim 1, further comprising a means for facilitating communication between each said prospective borrower with one or more of said prospective lenders whose lender data matches with the borrower data of said prospective borrower, wherein said communication includes loan application negotiation, and completion of the loan application process.

5. The apparatus of claim 1, further comprising a means for facilitating communication between each said prospective lender with one or more of said prospective borrowers whose borrower data matches with the lender data of said prospective lender, wherein said communication includes loan application negotiation, and completion of the loan application process.

6. The apparatus of claim 1, further comprising a means for transferring loan funds from said prospective lender to said prospective borrower.

7. The apparatus of claim 1, further comprising a means for transferring said collateral from said prospective borrower to a user collateral account.

8. The apparatus of claim 1, further comprising a means for escrowing said collateral and returning said collateral to said prospective borrower upon expiration of the loan, and alternatively forwarding said collateral to said prospective lender in the event of a loan default.

9. The apparatus of claim 1, further comprising a means for transmitting counterpart loan data to each user whose respective data results in a user counterpart match.

10. The apparatus of claim 1, further comprising a means for suspending the matching analysis of the loan data pertaining to a user upon request by the said user.

11. The apparatus of claim 1, further comprising a means for evaluating the availability and value of the collateral offered by said prospective borrower.

12. The apparatus of claim 8, further comprising a means for constant evaluation of the value of said collateral.

13. The apparatus of claim 8, further comprising a means for receiving a collateral value requirement as agreed to by said lender and said borrower.

14. The apparatus of claim 12, further comprising a means for informing said counterparts if said collateral value is less than said collateral value requirement.

15. The apparatus of claim 13, further comprising a means for requesting said borrower to deposit funds to replenish the reduction in said collateral value below said collateral value requirement.

16. The apparatus of claim 1, further comprising a means for receiving loan payments from said borrower and transferring funds equal to said loan payments to said lender.

17. The apparatus of claim 1, further comprising a means for foreclosing on the loan upon the request from one or more counterparts.

18. The apparatus of claim 17, further comprising a means for matching the counterparts of the foreclosed loan with other counterparts.

41. The apparatus of claim 1 wherein said loan is selected from the group consisting of capital, equities, or debt.

43. The apparatus of claim 1, wherein said means for matching is selected from the group consisting of an auction and reverse action model, a negotiation model, a catalogue aggregation model, and a buyer aggregation model.

45. The apparatus of claim 1 further comprising a means for querying said matched borrower and said matched lender for a rollover loan on the same terms or on new terms.

50. The apparatus of claim 1 further comprising storing match data.

52. The apparatus of claim 1 further comprising a means for monitoring when loan proceeds are due, receiving said loan proceeds into an escrow account and transferring said loan proceeds to a lender.

19. A method for matching prospective borrowers with prospective lenders to initiate and complete a loan process, comprising the steps of:

accepting borrower data via a computer network from one or more prospective borrowers, where said borrower data includes, the type of collateral to be used in the loan, the loan terms and their respective range of acceptable values, and what loan terms are negotiable by each prospective borrower;

accepting lender data via a computer network from one or more prospective lenders, where said lender data includes, the type of collateral to be used in the loan, the loan terms and their respective range of acceptable values, and what loan terms are negotiable by said prospective lenders;

comparing said lender data from each said prospective lender to said borrower data from each said prospective borrower; and

determining when said lender data from a prospective lender matches borrower data from a prospective borrower to identify a user counterpart match, where matching occurs when the values of said lender data equal the values of said borrower data or when said lender data or said borrower data is within the range of acceptable value.

20. The method of claim 19, further comprising the step of storing said borrower data.

21. The method of claim 19, further comprising the step of storing said lender data.

22. The method of claim 19, further comprising the step of facilitating communication between each said prospective borrower with one or more of said prospective lenders whose lender data matches with the borrower data of said prospective borrower, wherein said communication includes loan application negotiation, and completion of the loan application process.

23. The method of claim 19, further comprising the step of facilitating communication between each said prospective lender with one or more of said prospective borrowers whose borrower data matches with the lender data of said prospective lender, wherein said communication includes loan application negotiation, and completion of the loan application process.

24. The method of claim 19, further comprising the step of transferring loan funds from said prospective lender to said prospective borrower.

25. The method of claim 19, further comprising the step of transferring said collateral from said prospective borrower to a user collateral account.

26. The method of claim 19, further comprising the step of escrowing said collateral and returning said collateral to said prospective borrower upon expiration of the loan, and alternatively forwarding said collateral to said prospective lender in the event of a loan default.

27. The method of claim 19, further comprising the step of transmitting counterpart loan data to each user whose respective data results in a user counterpart match.

28. The method of claim 19, further comprising the step of suspending the matching analysis of the loan data pertaining to a user upon request by the said user.

29. The method of claim 19, further comprising the step of evaluating the availability and value of the collateral offered by said prospective borrower.

30. The method of claim 26, further comprising the step of evaluating the value of said collateral.

31. The method of claim 26, further comprising the step of receiving a collateral value requirement as agreed to by said lender and said borrower.

32. The method of claim 30, further comprising the step of informing said counterparts if said collateral value is less than said collateral value requirement.

33. The method of claim 31, further comprising the step of requesting said borrower to deposit funds to replenish the reduction in said collateral value below said collateral value requirement.

34. The method of claim 19, further comprising the step of receiving loan payments from said borrower and transferring funds equal to said loan payments to said lender.

35. The method of claim 19, further comprising the step of foreclosing on the loan upon the request from one or more counterparts.

36. The method of claim 35, further comprising the step of matching the counterparts of the foreclosed loan with other counterparts.

42. The method of claim 19 wherein said loan is selected from the group consisting of capital, equities, or debt.

44. The method of claim 19, wherein said matching function is selected from the group consisting of an auction and reverse action model, a negotiation model, a catalogue aggregation model, and a buyer aggregation model.

46. The method of claim 19 further comprising querying said matched borrower and said matched lender if a rollover loan is desired on the same terms or on new terms.

51. The method of claim 19 further comprising storing match data.

53. The method of claim 19 further comprising monitoring when loan proceeds are due, receiving said loan proceeds into an escrow account and transferring said loan proceeds to a lender.

37. The method of assisting potential borrowers to obtain bank guarantees comprising the steps of:

receiving bank data from a user that is a bank, via a computer network, where said bank data comprises, maximum collateral required, minimum collateral required, charges, and the required type of collateral;

receiving borrower data from a user that is a borrower via a computer network, where said borrower data comprises, the time period, the guarantee amount, and the type of bank said borrower wishes to obtain a bank guarantee from;

comparing said bank data to said borrower data and matching said bank data to said borrower data when said bank data contains the same values as said borrower data;

informing each said bank whose bank data matches with one or more entries of borrower data thereby identifying a prospective counterpart;

informing each said borrower whose borrower data matches with one or more entries of bank data thereby identifying a prospective counterpart; and

facilitating communication between respective counterparts.

38. The method of claim 37, wherein said communication between respective counterparts comprises negotiation between said counterparts in order for said borrower to obtain a bank guarantee.

39. The method of claim 37, further comprising receiving collateral information from a prospective borrower and verifying the value of said collateral.

40. The method of claim 37 further comprising the step of receiving collateral funds from said borrower and placing said collateral funds into an escrow account.

47. The method of claim 37 further comprising monitoring said collateral value.

48. The method of claim 37 further comprising monitoring the utilization of said bank guarantee.

49. The method of claim 37 further comprising comparing said collateral value to said bank guarantee to determine the amount of the bank guarantee eligible for lending purposes.