UK-based peer-to-peer property platform Lendy announced on Thursday it has broken all previous records for loan repayments generated in any one month, recovering £20 million in total in October 2017 alone. The online lender reported that this exceeds its previous September 2016 high of £14.5 million. The record figure includes repayments on P2P loans on three caravan parks in Christchurch, Dorset, totaling £7.6 million and a Manchester mill of £1.35 million. Liam Brooke, co-founder of Lendy, stated:
“We are committed to having the best recovery processes in the P2P industry, to help protect investors’ hard-earned investments. This has been our best monthly performance to date, but we’re not stopping there. Our ambition is to be the most trusted P2P platform in the sector. Lendy’s success is based on two fundamental principles. We have long understood the importance of writing good loans, but we also know that it is just as crucial to have the right procedures in place if a loan does become impaired.”
Lendy was launched in 2012 and now has more than 18,000 users and investment lent to borrowers is now over £342 million. The lender has been profitable from the outset, delivering a £2.7 million in profit before tax in 2016, growing only when resources allow, providing an extra level of reassurance to its investors.
Lendy’s record-breaking news comes less than a month after the online lender announced it is seeking permission to launch an innovative finance ISA (IFISA). Head of Marketing and Communications for Lendy, Paul Riddell recently stated the lender is hoping to receive approval from the Financial Conduct Authority (FCA) for the IFISA.
“We have applied to the regular this year and hope to be granted full permissions for an IFISA. Obviously regulatory processes can take time.”