Lendy’s latest milestone comes as some banks pare back their lending to the UK market.
Lendy has broken £400m of lending to the UK property market, as more property developers seek out alternative finance options, the firm has said.
Formally known as Savings Stream, with a specialism of loans secured against yachts, Lendy is now purely in the secured property lending market.
The platform, which reached £300m in April last year, now has more than 21,500 investors who have earned more than £40m in interest, it says.
“With banks set to limit their property lending even further – we are ready to help fill the funding gap. A combination of quick turnarounds for developers, coupled with good returns and excellent due diligence on properties for our investors, is helping Lendy grow at a healthy rate,” he said.
Lendy says it typically offers loans returning between 7 per cent and 12 per cent with loans secured with a charge over UK property, and are written at a maximum of 70 per cent loan to value (LTV).
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.