Wellesley & Co reports £300m of lending since start of 2016 with no losses
WELLESLEY & Co has announced that it has approved £300m-worth of new loans since the start of 2016 and has not seen any losses from these facilities.
The alternative property lender said that it secured 66 new funding deals over the period with an average deal size of £4.5m. The largest loan came in at over £30m, while the smallest deal was £131,000.
“As we have said before, we changed our strategy in early 2016 to move away from smaller, bridging type deals and towards larger development loans,” said the company in a blog post on its website this week.
“We have been successful in doing so and I can confirm that since the start of 2016 we have approved 66 new loans with a cumulative facility limit of £300m.”
Read more: The P2P Power 50
Wellesley & Co said it has not seen any losses emerge from these 66 loans to date.
“Since we measure our lifetime losses against lifetime lending, that measure of losses has fallen from a peak of 1.2 per cent to 0.8 per cent,” the firm added.
The company put its peer-to-peer lending business on pause earlier this year, as it works towards gaining full Financial Conduct Authority approval. It currently offers a property mini-bond and an innovative property bond that can be held in an ISA wrapper.
Founder Graham Wellesley recently told Peer2Peer Finance News that the firm expects to gain full approval from the City regulator “very soon” and will re-launch its P2P platform soon, although it does not have an exact date scheduled.
To read the full interview with Wellesley, click here.