LandlordInvest hits £2m mark after finishing biggest loan to date
Back in July this year, LandlordInvest had finished its biggest credit to date, bringing its cumulative lending to £2m.
The peer-to-peer property lender remarked that it had finished a £740,741 bridging loan secured by a private venture property in Wembley, Middlesex for an expert landlord.
56 shareholders backed the loan, which includes retail investors and pension plans, in four days through a crowdfunding procedure. The standard investment per shareholder was £13,227.50. Standard account holders completed 76.4% of the credit while Innovative Finance ISA account holders filled the remaining 23.6%.
This most recent loan implies that £2m of mortgages have been subsidised via LandlordInvest since the platform’s official launch in December last year, when it acquired full approval from the Financial Conduct Authority (FCA).
The chief executive officer of LandlordInvest, Filip Karadaghi said that they are pleased to have finished the largest loan to date in their platform.
“The borrower was in need to quickly refinance an existing loan, whilst arranging long-term financing with a high street lender, and it took less than a week for the loan to be funded and completed on our lending platform,” Filip added.
Furthermore, he said: “It shows that P2P platforms, such as LandlordInvest, are becoming a viable alternative for professional landlords seeking financing in a quick, simple and efficient manner.”
This may be old news in the finance world but since we (at Stratosphere peer to peer lending) has since also been approved a full FCA licence and that property is our niche area too in this arena, we believe there is plenty of scope in the market place to facilitate loans between private, retail and high-net worth individuals and property based borrowers and landlords.
The added IFISA (Innovative Finance ISA) product provides more weight and confidence in this sector as peer to peer lending is becoming a real alternative to raising finance.
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