Liam Brooke

Lendy announces repayment of its largest P2P loan




Peer-to-peer platform Lendy has returned £7.92m to its lenders in what is claimed to be one of the UK’s biggest-ever peer-to-peer loan repayments.

The loan – secured against the former Kentish Town Studios building in north London – has been repaid in full 21 days ahead of schedule, and has returned a gross 12% per annum in interest to lenders who invested through the platform.

The building secured planning permission for conversion into 60,000 sq ft of office space.

The loan had a LTV of 63%, with the property having been professionally valued at £12.5m.

Almost 3,500 lenders participated in the loan, which was drawn down in late October 2016 on a 12-month term.

The final payment of interest will be made to lenders at the end of October.

Liam Brooke, co-founder of Lendy (pictured above), said: “We’re thrilled that our lenders have received what we believe to be the biggest repayment in the history of the UK P2P industry.

“This loan has been a very smooth ride for everyone involved.

“It was purchased very quickly by our lenders, the sale of the property progressed quickly and full repayment was made well within its term.

“This is a strong endorsement of the due diligence we undertake for our lenders.

“The other point about our model is that we lend at a maximum LTV of 70%.

“That means that if the loan goes wrong there is a far better chance of lenders recouping their principal.”

Lendy has so far returned £186m in capital and interest to its lenders, and provided almost £335m in loans secured against property since its inception, while the live loan book stands at £158m.

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