Sourced Capital plans to double lending in 2021

Sourced Capital is aiming to double its lending next year.

The peer-to-peer property lender has revealed it funded £10m of loans in 2020, its first full year of trading in the P2P space.

It reached this milestone despite not having any new investment projects during the three months of the first national lockdown in March.

Stephen Moss, managing director of Sourced Capital, said the platform is planning to hit £20m in 2021.

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“I’m proud of what the team have accomplished this year, especially in the circumstances with Covid-19,” Moss said.

“I can see huge potential in front of us for 2021, especially as we’re about to launch our auto invest feature, which will open up a more sophisticated way of investing with Sourced Capital, allowing investors to build a stress-free, diversified investment portfolio.”

Sourced Capital offers rates of up to 12 per cent to investors and loans can be held in an Innovative Finance ISA.

It has completed 28 loans with no defaults or arrears so far.

The platform may be among the newest in the market but it is quite vocal.

Moss called for an extension of the ISA deadline earlier this year to give investors more time to get their finances in order.