European peer-to-peer lending platform EstateGuru is planning to launch in the UK in March this year.
Peer2Peer Finance News understands that EstateGuru is preparing to open an office in Manchester, aims to expand to UK investors and borrowers for the first time and the platform’s capital markets team is arranging a £300m credit line from major banks to underwrite loans.
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In the first year of operation, Ross Gandy, managing director for the UK at EstateGuru, has set his sights on deploying £70m in loans.
These will at first will range from a minimum of £50,000 to a maximum of £3m.
EstateGuru, which operates across a range of European nations including Lithuania, Latvia, Estonia, Sweden, Finland, Ireland, Portugal, Spain and Germany, is also planning to expand into the Netherlands, Italy and France.
In November, EstateGuru said it was finalising legal documentation ahead of a planned UK launch in January 2022, while its regulatory permissions were on “stand-by” as its UK expansion was frozen during Covid.
In October, the platform said it was ready to restart its UK market entrance process after raising €5.8m (£5m) from its series A funding round the previous month.