Lendy to let investors track partial repayments of loans online
LENDY is planning to add a tab on its website showing partial repayments of loans, to make it clearer to investors how funds are being recovered.
The peer-to-peer property platform said securing partial repayments was one part of its current loan recovery strategy.
It highlighted its work with a borrower on a property development project in Lancashire who had funded a £345,350 bridging loan in April 2017 and hoped to repay within six months.
The borrower’s exit strategy was to repay the loans by selling seven of the properties on the development, but due to delays and difficulties in finding buyers, only three were sold by November. The platform remained in discussion with the borrower and used the funds to cover interest and grant a two month extension on full repayment.
The sale of a fourth unit went through last week and another two-month extension was granted.
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“We are pleased to confirm that a new partial repayments tab will go live on the loans section of the website,” Lendy said in a note to investors on Friday.
“The technology team has spent time this month undertaking a detailed review of our back office systems, with a focus on improving our reporting to ensure we are able to quickly detect and correct any future issues.”
Meanwhile, Lendy has said it is still considering offering an auto-lend product alongside the self-select loans, but is currently focused on achieving full authorisation from the Financial Conduct Authority.
