LendingCrowd to let investors split loans on secondary market

LENDINGCROWD has reformed its secondary market to let investors sell loan parts rather than the whole amount they have lent.

The peer-to-peer business lending platform said self select account users can now choose how much of a loan they want to sell from their portfolio.

A new loan will be created from the amount split that can then be listed on the secondary market.

Loans must be worth more than £100, the platform said.

Read more: LendingCrowd to seek VC funding as lending triples

LendingCrowd said the change came as a result of user feedback and said it was working to make investing “as easy as possible.”

It comes after the Edinburgh-based lender was last month named on a list of 30 fast-growing tech start-ups to watch, compiled by UK-based digital entrepreneur network Tech Nation.

The platform was highlighted among the companies which have been recognised for their “early stage talent” and the expectation that they will “successfully grow into the next generation of digital household names.”

These companies will now gain access to Tech Nation’s Upscale programme, where they will receive six months of coaching from some of the UK’s most successful entrepreneurs.

It has lent more than £50m since launch in 2014 across 598 loans.

Investors are currently earning a return of 8.45 per cent.

Read more: LendingCrowd passes loan landmark on anniversary