Lendy secures major repayment on west London flat

P2P lending platform Lendy has announced that it has received a major repayment in excess of £2.1m on a luxury flat in west London.

The property (pictured above) is in Cheyne Gardens, within the Royal Borough of Kensington and Chelsea and in the Cheyne Conservation Area.

It is a two-bedroom flat on the second floor (with lift access) of a five-storey, red brick, mid-terrace, period building.

The flat’s reception room faces west, overlooking Cheyne Gardens.

The property has a security value of £3.25m, a loan value of £2.12m and an LTV of 65%.

The borrower Stark Enterprise Ltd is an expert in property management and real estate and is releasing equity from its unencumbered property to fund another project.

The borrower is also planning to refinance the property as an exit strategy.

Paul Riddell, head of marketing and communications, said: "Lendy's collections and recoveries team has had a busy start to the year.

“While there have been no full repayments to investors in January, it’s been a very positive month.”

Paul added that further repayments were due over the coming weeks.

“In addition to new originations –  which saw over £100m lent by Lendy investors to help fund over 70 projects – we place a lot of emphasis on portfolio management and loan recovery. 

“In 'bridge and build' property finance, plans rarely go smoothly, so working closely with our borrower at every stage of their project is a critical part of our strategy."

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