Green Dragon House P2P Loan Facilitates 120 New Flats.
UK based peer to peer lending LendInvest has stated that its world record breaking P2P loan has now been repaid. The £4.1 million loan on a commercial building in Croydon was noted as one of the largest P2P loans ever – if not the largest.
As reported by LendInvest, the borrower was turned away by a high street lender. Having an established relationship with LendInvest sister company Montello led to a listing on LendInvest allowing for the developer to acquire the commercial building in South East London while certain planning issues were worked through. The project named Green Dragon House, will facilitate over 120 new flats for the area, providing much needed new affordable housing in London. The investors were paid a net return of 6%, for the 6 months in which their money was invested in the loan (the annualized rate would be 12%). The loan has now been repaid through a financing arranged by John Kerrigan from Mayfair based brokerage, Arc & Co.
“As with any loan, it can only really be characterised as a good loan, when it is repaid.
“We are experienced lenders, and we have what we believe is the best deal-flow and underwriting experience in the secured P2P market.
“While some platforms are starting to see some hefty defaults and investor losses, LendInvest is able to exploit its experience and track record as a lender. Unfortunately, some platforms are going to learn that it is easy to lend money, the hard part is doing sound loans that get repaid.”
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