P2P property lending platform sails past £400m milestone

Lendy’s latest milestone comes as some banks pare back their lending to the UK market.

Lendy has broken £400m of lending to the UK property market, as more property developers seek out alternative finance options, the firm has said.

Formally known as Savings Stream, with a specialism of loans secured against yachts, Lendy is now purely in the secured property lending market. 

The platform, which reached £300m in April last year, now has more than 21,500 investors who have earned more than £40m in interest, it says.

Liam Brooke, CEO of Lendy, says the firm is filling a void left by some big banks.

“With banks set to limit their property lending even further – we are ready to help fill the funding gap. A combination of quick turnarounds for developers, coupled with good returns and excellent due diligence on properties for our investors, is helping Lendy grow at a healthy rate,” he said.

Lendy says it typically offers loans returning between 7 per cent and 12 per cent with loans secured with a charge over UK property, and are written at a maximum of 70 per cent loan to value (LTV).

Lendy is also the title sponsor of Lendy Cowes Week sailing regatta.