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).
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.