People celebrating a record month

P2P lender funds £1.5m in one hour

Bridgecrowd has revealed it produced a record day of lending for October thanks to £1.5m being lent in just one hour.

The peer-to-peer platform provided three loans during this period, all of which were very different from each other.

The first deal was a second charge loan for a large, detached rural property.

Bridgecrowd funded the loan after extensive background work due to the size of the land associated with the property and because the security property bordered an airport flight path.

The second loan was a first charge deal for an applicant who had been declared bankrupt.

Bridgecrowd provided the funds to repay the current first charge lender and equip the applicant with funds for their new business opportunity.

Despite the bankruptcy being discharged, two other lenders had rejected the applicant, but Bridgecrowd’s ability to look past normal standard criteria, its can-do approach and the acceptance of a re-type valuation report allowed the completion.

The final deal completed by Bridgecrowd was a loan that was completed within nine working days of the application being brought to the lender.

The applicants needed to repay the current first charge lender to provide them with further time to complete works on one of their security properties and achieve the sale price required.

One of those security facilities was a leisure facility in a popular Scottish holiday location.

All appropriate legal information was completed due to the strong working relationship The Bridgecrowd has with its solicitors in Scotland, along with the proactive approach of the introducer and the client.

“The three loans in question were a real mixed bag, like a lot of the weird and wonderful enquires we get,” said Louis Alexander, managing director of Bridgecrowd.

“One of the niches of Bridgecrowd is that we will always try [to] structure a deal to completion even when other lenders have rejected the deal.”

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