The past few months have been the busiest on record for peer-to-peer property lending platform Invest & Fund, due to pent-up demand and a huge take up for its Homes England partnership.
In September, the lender embarked upon a seven-year partnership with Homes England to increase the amount of finance available to small- and medium-sized enterprise developers.
At the time, the platform said the partnership will create a £25m revolving fund which will be used to provide construction loans of between £400,000 and £2.5m at up to 80 per cent loan-to-cost.
“We’ve seen the platform’s volumes rocket and we’ve never been busier,” said David Turner, co-founder and chief executive of Invest & Fund.
“Since August and September, it’s absolutely been the busiest few months we’ve ever had.
“I think there’s been a lot of pent-up demand in the industry because of Covid-19.
“Homes England has been immense and it’s really encouraging seeing the number of enquiries. If they fit its criteria the loans are funded through that but if they don’t fit the criteria, such as due to the geography of the loan, we’re comfortable listing it on the platform and funding it.
“It’s been absolutely fabulous for us as a business and a brand.”
In June, the platform officially launched its Innovative Finance ISA which offers investors target returns of 7.5 per cent from residential property developments.
Since then the platform has reported huge demand for this product from new investors to the platform, with most investing the full £20,000.
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