Lendy enjoys record year as profits surge to £3.3m
LENDY had a record year in 2016, with profits surging from £53,000 to £3.3m and turnover increasing by 224 per cent to £29.2m.
The peer-to-peer property lending platform said on Thursday that 2016 was a year of significant progress, both in terms of the number of new investors and the value of new loans written.
There are now more than 19,500 lenders registered on the platform.
Since its launch in 2012, Lendy has returned £36m in interest and £141.5m in repayments of principal to investors. It has also written almost £367m in loans secured against property. Its current outstanding loans amount to £186.5m.
“Our balance sheet is more robust, and our growth has been closely controlled,” said Liam Brooke, director and co-founder of Lendy.
“We’ve also experienced growth in every area of the business. All of that has made us one of the few profitable P2P platforms.”
Brooke added that making further improvements to Lendy’s due diligence process is a key target.
Last year it made some major hires to help it to implement this programme, and it recently appointed Andrew Wawrzyniak as head of finance to improve loan origination, due diligence and risk management.
Lendy is the headline sponsor of sailing event Cowes Week for the second year running. This year’s event takes place from 4 to 11 August.
“It promises to be even bigger and better than last year for the crews and spectators joining us on the Isle of Wight,” said Brooke. “And we’re keen to make it a showcase of the alternative finance sector, which we believe will help drive the post-Brexit UK economy.”