P2P platform funds development loan in under three hours

A peer-to-peer platform has filled a £167,000 tranche of a residential development loan in under three hours.

Invest & Fund – a new patron of the National Association of Commercial Finance Brokers – has provided the facility as the second tranche of a £400,000 loan for a residential conversion of a piano factory in Northamptonshire.
The tranche has been funded by individual lenders.

“This is one of our smaller loans, but the speed at which the loan filled shows there's a huge appetite for what we do,” said Gary Trueman, head of loan origination.

“It’s a very clear indication of our ability to create compelling opportunities for borrowers, intermediaries and lenders.”

This comes after Invest & Fund announced that it had expanded its team over the past three to four months with the following additions:

•    Gary Trueman, formerly at RBS with 34 years of experience
•    Paul King, loan originations
•    Bhavna Toase, senior credit risk manager, joined from Lloyds with over 15 years of experience in credit risk assessment
•    Matthew Holland, head of marketing, formerly head of brand at Octopus Investments.

Launched in 2012, Invest & Fund helps experienced residential developers to secure bridging and development finance of up to £5m from high-net-worth individuals, companies, wealth managers and institutions.

Gary said the speed of current lending was a very strong endorsement of the company’s model to use fundamental credit analysis from the moment it meets a borrower, through to screening, documentation, monitoring and repayment.

"One of the most common questions from borrowers and intermediaries is the certainty of funding.
“We had lenders who missed out and are now very keen to know when our next loan will be available on the platform.
“We are always looking for loans and the opportunity to utilise our expertise and flexible approach to deal structures."


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