Lendy has had a rapid few years of growth and a ramp up in its marketing efforts.
P2P property platform Lendy has reported profits rising 164 per cent with turnover up 104 per cent over the past year.
Pre-tax profits rose from £1.04m to £2.74m, while turnover from £13.5m to £27.5m.
Formally known as Savings Stream, with a specialism of loans secured against yachts, the firm is now purely in the property secured assets part of the P2P spectrum. Since changing its name and in particularly in the past year, the firm has been on somewhat of a tear both in growth in originations as well as its marketing efforts. It sponsored the prestigious Cowes Week sailing regatta this summer for example.
The firm has so far provided almost £335m in loans secured against property, it says, since its inception, while the live loan book stands at £166m with more than 17,500 lenders on the platform. Investors are currently offered risk bands set at between 7 per cent and 12 per cent annual return. The company never lends at Loan To Value above 70 per cent, with the majority closer to 60 per cent it said.
Lendy also says it has made several significant changes in the last year, with a particular focus on improved due diligence on all loans it offers through its platform. These changes include a number of significant new hires, “adding breadth and depth to Lendy’s lending, credit, compliance and marketing expertise.”
Lendy has also appointed a new legal panel comprising three law firms, and a new panel of RICS-registered valuers with significant professional indemnity insurance cover.
“In addition the platform has instituted a new credit committee process, including an analysis of the borrowers’, sponsors’, and other principal parties’ experience, credit record, business plan and financial projections and forecasts,” Lendy said in a release.
Liam Brooke, director and co-founder of Lendy, says the firm had maintained its provision fund “in line with our commitment to our lenders, our balance sheet is more robust, and our growth has been closely controlled. We’ve experienced growth in every area of the business and we are now one of the few profitable P2P platforms.”
Lendy expects its audited accounts to be published in November 2017.
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