A brief update on peer-to-peer business lender FundingKnight – which is experiencing a swell of demand for larger ticket loans.
In response, FundingKnight has now doubled the maximum loan amount that may be sought via the platform, from £250k to £500k. The new loan ceiling will apply to all FundingKnight products – which span business loans, property bridging finance and funding for renewable energy projects. The platform entered into the red hot P2P property lending space back in September, joining many other platforms in the hunt to offer a broader set of products.
Graeme Marshall, Managing Director of FundingKnight, commented on today’s news:
“Our decision was taken in light of the demand we are experiencing in the market place from our existing and potential clients and from the professional intermediary community. Apart from widening our appeal and consolidating our position, it sends a powerful message out to the market about our expanding capacity for arranging business loans.”
“We achieved a major milestone at the end of last year when the number of borrowers topped 100, representing around £10m of lending. We are looking forward to expanding our offering for both investors and borrowers during the current year and beyond as the growth in the alternative finance market continues to gather pace.”
As Mr. Marshall suggests, the platform is rapidly closing in on the £10m mark – according to the Liberum AltFi Volume Index. The decision to open up larger loans would suggest that a pipeline of big ticket loan-seekers is quietly waiting in the wings – so expect a spike in FundingKnight volumes over the coming weeks.