LandlordInvest entered 2020 with renewed optimism off the back of a boost in turnover and the prospect of new institutional funding before the coronavirus pandemic hit, its managing director Filip Karadaghi has revealed.
Karadaghi told Peer2Peer Finance News that the platform had started the year optimistically but talks of new institutional funding lines have since been delayed due to the coronavirus outbreak.
“This current crisis has put a dent in everyone’s forecasts,” Karadaghi said.
“We came into the new year quite optimistic with the Brexit question resolved.
“We saw an increase in enquiries and people were ready to transact and then coronavirus hit us.
“Now it is difficult to get valuers out and you can’t do viewings.
“We did have estimates for volumes and those are most likely not going to be met.
“We had prolonged discussions about funding lines that are now also on hold.”
He added that no borrowers have asked for forbearance on the platform yet.
It comes as the platform’s annual accounts for 2019 showed a £28,790 loss for the year.
The accounts show its profit and loss account slipped further into the red at £110,533.
Karadaghi said turnover had increased by 55 per cent annually to £171,949 but higher costs of sales and administration that had come with an increased number of loans pushed the platform into a loss.