MORE THAN £1m of loans have been traded on the Relendex secondary market in the first seven months of operation.
Relendex, which provides bridging and development finance loans, launched its secondary market in November 2016 and says lenders appreciate the ability to diversify or invest in loans they may have missed, while new investors can earn interest immediately by purchasing loans from others.
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It is currently offering rates on the main platform of up to 10 per cent, while there are 13 loans on the secondary market with rates ranging from eight to 10.5 per cent.
“We are glad the lenders are using the resale marketplace to its full advantage,” a spokesman for Relendex said.
“Our goal has always been to provide lenders with the flexibility to diversify and liquefy their portfolios as they see fit. That is why we charge no fees for our resale marketplace.”
The announcement comes after Relendex launched its Innovative Finance ISA (IFISA) last month, offering investors between six and 10 per cent returns per year.
The tax-free investment wrapper from the peer-to-peer property platform is a non-flexible model, meaning investors will not be able to withdraw, replace or move new funds across other ISA accounts in the same tax year.
The platform, which has returned an average annual yield of 8.78 per cent from its bridging and development loans to date, said it has built up a £20m pipeline of borrower demand.