Lendy hits £300m investment mark
The slowdown in bank lending prompted by the Brexit vote has helped Lendy hit the £300m investment mark in April, having channelled £50m to property borrowers in the last 100 days alone.
With new loans on the peer-to-peer platform often up to five times oversubscribed, the firm was able to add three larger-size loans over the last three months, it told Peer2Peer Finance News.
It directed £7.5m to the purchase and redevelopment of a commercial building in Marylebone, £5.7m to the development of a major residential building on Liverpool’s waterfront and £2.4m to the development of a major student accommodation complex in Huddersfield.
The firm said it was able to attract new inflows and originate loans at a record speed thanks to an increasing number of property developers and investors shifting to the P2P sector, as it is more efficient than traditional finance.
It doubled its investor base to almost 16,000 clients over the last 12 months also thanks to its ability to secure loans “against properties that banks would be unable to value confidently,” it added.
“More and more property investors and developers have realised the benefits of getting their finance through P2P, and that’s driving strong growth for Lendy,” said Liam Brooke, co-founder of the platform.
The P2P and crowdfunding market recently passed £10bn funded to UK borrowers, while the sector has topped £100bn globally, the firm said.
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