P2P property investment lender boosted by banks scaling back
Peer-to-peer (P2P) platform Saving Stream has reached a new milestone of £200m in lending to property investors.
The company, which was founded in 2012, said its performance has been boosted by banks reducing their lending, especially since the Brexit vote.
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Saving Stream has funded more than 130 projects, including residential developments, farmland and commercial projects.
The P2P company said lending has increased around 140 per cent in the last year to £140m in 2016.
Co-founder Liam Brooke said: “£200 million in lending is a significant landmark for Saving Stream.
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“Banks have been reducing their lending to property developers and that has accelerated since the Brexit vote. This reduction in supply of funding from banks means we are being offered more attractive loans at lower LTVs (loan-to-value ratios).”
He added:
We’re delighted to have enabled many important property developments and generated excellent returns for investors. There is huge demand for lending from developers who need access to speedier, more personalised finance than traditional lenders can offer.