Based in London, Lending Works was founded by Nick Harding and an experienced team from the banking, accountancy and finance industries. The P2P platform is typical in structure, but with a few marked differences. Their regional focus is a particularly intriguing element.
Mr Harding said:
“As a region, Yorkshire has a demonstrably active and engaged investment community that appreciates the benefits of social lending and could be the source of further investment capital as we grow and expand our business.”
As this already transparent sector becomes increasingly see-through, we at AltFinanceNews hope to be able to identify hot-spots for P2P lending and borrowing within the UK. Lending Works may have already tipped us off to one in Yorkshire.
The platform will feature an investor protection tool that they hope will be a more thorough safety net than the contingency funds of their rivals. The uniquely structured “Lending Works Shield” acts as both a reserve fund and an insurance policy. It protects lenders from missed loan repayments, loan defaults and fraudulent applications – ensuring high returns with increased security. Provision funds are becoming a must-have in the P2P space, but Lending Works will look to set a new standard in investor protection.