The landmark £8.3 million bridging loan is secured on 27 properties, all of which are situated within the M25. It more than doubles the previous record mark of £4.12 million – set in January by LendInvest. Wellesley has now lent over £20m since launch.
Graham Wellesley, Founder and Joint CEO & Chairman, commented:
“We are delighted to announce the largest P2P loan to date. Our unique model combines the best of old fashioned banking traditions – trust, prudence, knowing our customers - with the speed and convenience of the Internet.
“Unlike other P2P lenders, all of our loans are secured and we always invest our own money in every loan. As a result, we lose our money first if any loan defaults. For those whose loans we approve, we provide certainty of funding; for those who invest with us, we pay interest immediately on their funds.
“The completion of this £8 million loan - the largest UK P2P loan - marks a decisive shift in the landscape of our industry and confirms Wellesley as the fastest growing P2P lender in the UK. We’re excited about the opportunities this offers our customers and look forward to announcing more deals that will earn them higher risk-adjusted returns.”
In tandem with the milestone loan, Wellesley are introducing a unique weekly auto re-matching function to the platform. All current loans on the platform are proportionately spread across all lenders – giving those lenders optimal diversification. But the innovative auto re-matching system now enables the portfolio to be spread across all lenders each week – as new loans come onto the platform. Lenders thus benefit from improved diversification as the Wellesley loan book expands.