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.
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