Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
LendyCowes2-700x325
October 4 2017

Lendy announces completion of largest P2P loan to date

Kathryn Gaw Industry News, News Lendy, Liam Brooke, property loan, property peer-to-peer loan

LENDY has announced the repayment of its largest peer-to-peer loan to date, which is one of the biggest seen in the UK’s P2P sector.

The property platform said on Wednesday that the £7.92m loan was secured against a property valued at £12.5m in Kentish Town. It has been repaid in full 21 days ahead of schedule and has returned 12 per cent annual interest to lenders.

The loan, which was made by almost 3,500 lenders through the Lendy platform, was drawn down in late October 2016, on a 12-month term. The final payment of interest will be made to lenders at the end of October.

The building, JML House, was formerly home of the Kentish Town Film Studios. With the help of the P2P loan, it has been refurbished to a higher standard which is expected to boost its market value.

Lendy said this repayment is one of a batch of repayments that are expected to total £19m by the end of next week, bringing total repayments since July to £38.5m. The platform has lent out almost £335m since its inception, while the live loan book stands at £158m.

Read more: Lendy introduces variable pre-funding for loans

“A P2P platform is only as good as its ability to manage its loan book,” said Liam Brooke, founder and co-director of Lendy.

“That’s been a very clear area of focus for us in recent months, and it will remain that way. We’re expecting the next fortnight to be a great one for Lendy investors, with a bumper crop of loan repayments scheduled to be returned to our lenders.”

Last month, Lendy reported a 164 per cent rise in pre-tax profits to £2.74m in 2016, while turnover rose by 104 per cent over the same period to £27.5m.

“We’re using those profits to invest in our systems and in growing our team, particularly in due diligence, recovery and communications,” said Brooke.

Read more: Lendy – The Property Platform: Five years young and counting

London’s digital connectivity is holding back SMEs MarketInvoice hires ex-Lloyds, RBS banker Julian Cassen to boost business

Related Posts

Bag with money and word Pension and up arrow with coins. Increase pension payments. Saving money, retirement. Future investment. Accumulation of pension contributions. Loan portfolio growth.

Industry News, News, Personal Finance News, Top 3

Which P2P platforms offer SIPPs?

Repossession word cloud

Industry News, News, Personal Finance News, Top 3

FCA confirms that consumer repossessions will resume as a last resort

Manchester Skyline UK

Industry News, News, Top 3

London, Manchester and Cambridge have the ‘perfect’ tech ecosystems

Popular posts:

  • Everything we know about the CBILS successor scheme (so far)
  • Banks begin freezing accounts suspected of bounce…
  • LendInvest bond value lost £5.8m during pandemic
  • RateSetter to return to full interest for investors
  • Losses narrowed at Lending Works before Intriva takeover
  • NCA senior officer warns of “substantial” Covid loan…
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by