Lendy has broken the £400m barrier in lending to the UK property market.
It said its growth from £300m in April 2017 was partly driven by some mainstream banks paring back their lending to the UK market.
Lendy noted that as well as reducing overall lending to SMEs, lending by banks to smaller property developers has been cut in recent years.
As a result, it said more developers were seeking alternative ways to finance their projects and get spades in the ground.
Lendy CEO Liam Brooke said: “For some time, we have been stepping in where big banks have neglected property developers.
“With banks set to limit their property lending even further – we are ready to help fill the funding gap.”
He added: “To pass the £400m barrier in a little over a year after reaching £300m is testament to the relationship we have with developers and the quality of the loans we provide.”
Demand for alternative finance
Meanwhile, Kuflink, has seen more than £20m invested since its launch in 2016.
It said there was a growing demand for alternative finance options amid changes to the buy-to-let market and diminishing returns on traditional investment options.
Kuflink CEO Narinder Khattoare (pictured) said the milestone “reflects our clients’ desire to continue disrupting the industry with us through fast, flexible and accessible property finance.”
“Alongside this, achieving a sustained zero percent loss ratio speaks volumes about the effectiveness of our due diligence process, and we are proud to state that no investor has lost even a penny on our platform.”