LendInvest’s world record P2P loan facilitates 120 new flats

By Bridging Loan Directory -

 

LendInvestLendInvest has confirmed that its world record breaking peer-to-peer loan has now been repaid.

LendInvest received global coverage for the loan back in January this year, and the deal was featured on the front page of the Financial Times. At the time, the Financial Times described the £4.1m loan against a commercial building in Croydon, as transformational for peer-to-peer finance.

The borrower, who has a long-standing relationship with LendInvest’s affiliate business Montello, required the funding after being let down by a high street lender. LendInvest’s loan allowed for the developer to acquire the commercial building in South East London while certain planning issues were worked through.

The project known as Green Dragon House, will facilitate over 120 new flats for the area, providing much needed new affordable housing in London.

The investors were paid a net return of 6%, for the 6 months in which their money was invested in the loan (ie 12% pa).

The loan has now been repaid through a financing arranged by John Kerrigan from Mayfair based brokerage, Arc & Co.

Co-Founder of LendInvest, Christian Faes, commented:
“As with any loan, it can only really be characterised as a good loan, when it is repaid.

“We are experienced lenders, and we have what we believe is the best deal-flow and underwriting experience in the secured P2P market.

“While some platforms are starting to see some hefty defaults and investor losses, LendInvest is able to exploit its experience and track record as a lender. Unfortunately, some platforms are going to learn that it is easy to lend money, the hard part is doing sound loans that get repaid.”