A growing number of property investors unable to secure finance from banks to buy property are turning to alternative finance providers to secure loans, with many now considering the benefits of getting their finance through peer to peer (P2P) lenders.

P2P lender Lendy, for instance, has now surpassed £310m in lending to the UK property market with £50m coming within the last 100 days, thanks to greater demand from property investors and developers seeking alternative forms of property finance as a result of the post-Brexit slowdown in bank lending.

Lendy, which claims to have more than 16,000 registered users on their site, has identified swift turnaround, security and low loan-to-value as being most important to its growth, which perhaps explains why the company has now funded hundreds of bridging and property development loans since it launched five years ago, including residential developments, commercial property, conversions, and farmland.

Lendy forecasts that significantly more property investors will look beyond banks and choose P2P lending platforms, which can often facilitate a loan in a matter of days, to finance their investments moving forward

Liam Brooke, co-founder of Lendy, commented: “More and more property investors and developers have realised the benefits of getting their finance through P2P, and that’s driving strong growth for Lendy.”

“Our users’ ability to fund deals of £10m-plus means that property investors and developers can get the finance they need much faster than they could through a bank,” he added.