Lendy returns UK’s biggest ever P2P loan repayment

Lendy returns UK’s biggest ever P2P loan repayment

Lendy has returned £7.92m to its lenders making it the UK’s biggest ever peer-to-peer (P2P) loan repayment.

The loan, secured against the former Kentish Town Studios building in North London, has been repaid in full 21 days ahead of schedule.

Made up by almost 3,500 lenders and drawn down in late October 2016 on a 12-month term, the loan returned a gross 12% per annum in interest to lender who participated through the platform.

Liam Brooke, co-founder of Lendy, said: “We’re thrilled that our lenders have received what we believe to be the biggest repayment in the history of the UK P2P industry.”

“This loan has been a very smooth ride for everyone involved. It was purchased very quickly by our lenders, the sale of the property progressed quickly, and full repayment was made well within its term.”

This comes as Lendy increased its profits before tax by 164% over the last year, rising from £1.04m to £2.74m, while turnover increased 104% over the same period, going from £13.5m to £27.5m.