P2P property lending platform sails past £400m milestone

By Daniel Lanyon on 5th July 2018

P2P/Marketplace Lending

Lendy’s latest milestone comes as some banks pare back their lending to the UK market.

P2P property lending platform sails past £400m milestoneImage source: https://goo.gl/o2XCxe

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.

Liam Brooke, CEO of Lendy, says the firm is filling a void left by some big banks.

“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).

Lendy is also the title sponsor of Lendy Cowes Week sailing regatta.

Comments

Dave Stewart

15 Jul 2018 12:58pm

Ummmm , possibly but they have a massive default rate with extremely long waiting period as they attempt to enforce their charges

Roger

06 Jul 2018 06:26am

No lender has ever lost any of their capital on Lendy.

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