BUY-TO-LET peer-to-peer platform LandlordInvest has passed the £1m lending milestone.
The property lender, which launched in December 2016, has amassed 700 investors and completed six loans over the past seven months.
Filip Karadaghi, chief executive of LandlordInvest, said while there have been plenty of achievements since launch, such as gaining full authorisation from the Financial Conduct Authority and launching an Innovative Finance ISA (IFISA), he is anticipating a busy few months ahead.
“We will continue focusing on developing the lending platform and utilising our network of brokers and lender partners to continue ensuring that we have a good loan pipeline meeting the platform’s criteria,” he said.
Loans on the platform have an average term of 10 months and loan-to-value of 51.8 per cent, while the typical rate for investors is 10.9 per cent.
The loans can also be held in LandlordInvest’s property-backed IFISA.
The platform gained full authorisation from the Financial Conduct Authority in early December, following a 24-month application process. On 11 January, it announced that it had been approved as an ISA manager by HMRC.
It has been a busy few weeks for the platform, having launched its secondary market in May and receiving financial backing from property investor Alan Gabbay.
Karadaghi has also previously expressed interest in moving into development finance, describing it as an “interesting gap in the market.”
Read more: LandlordInvest launches secondary market