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).