LANDLORDINVEST has completed its largest loan to date, bringing its cumulative lending since the platform’s launch to £2m.
The peer-to-peer property lender said on Monday that it had completed a £740,741 bridging loan secured over a residential investment property in Wembley, Middlesex for a professional landlord.
56 investors funded the loan, including retail investors and pension schemes, within four days through a crowdfunding process. The average investment per investor was £13,227.50. 76.4 per cent of the loan was filled by standard account holders, with the remaining 23.6 per cent coming from Innovative Finance ISA account holders.
This latest loan means that £2m of mortgages have been funded by LandlordInvest since the platform’s official launch in December 2016, when it gained full approval from the Financial Conduct Authority.
“We are delighted to have completed the biggest loan yet on our lending platform,” said Filip Karadaghi, chief executive of LandlordInvest.
“The borrower was in need to quickly refinance an existing loan, whilst arranging long-term financing with a high street lender, and it took less than a week for the loan to be funded and completed on our lending platform.
“It shows that P2P platforms, such as LandlordInvest, are becoming a viable alternative for professional landlords seeking financing in a quick, simple and efficient manner.”