Lendy returns £1.5m repayment to P2P investors

Lendy returns £1.5m repayment to P2P investors

 

The development loan was used to fund building a home on half an acre of cleared land in New Longton, five miles from Preston city centre.

A small portion of the loan was used to refinance an existing debt on the site itself.

It has a loan to Gross Development Value (GDV) of 59% with an interest rate paid to investors of 12%. The borrower has successfully refinanced this loan with another lender.

Lendy has repaid 20 loans in full this year which, together with partial repayments, has meant over £39m has been repaid to investors.

Lendy’s 21,800 investors have earned over £43.3m in interest since 2012, against £413m that has been invested.

Liam Brooke, CEO of Lendy, said this adds to the more than £10m repaid to investors over the previous three months.

He said: “We have invested heavily in our due diligence processes in the last year to make sure we can source more of this kind of high-yielding loan for our investors that have a sensible balance of risk and reward.

“High-yielding loans obviously carry risk with them but can provide an important performance boost to a diversified portfolio.

“This represents a great start to September for Lendy, following on from our Financial Conduct Authority authorisation in July.”