A crowdfunder has announced its first move into the bridging finance world….
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div> A crowdfunder has announced its first move into the bridging finance world.
Lendy Ltd, also known as Saving Stream, enticed prospective investors to partake in its first bridging loan at the end of last month.
The £455,000 loan is a first charge mortgage with a LTV of 70 per cent. The open market valuation of the property stands at £655,000 and the term is estimated to last between one month and six months.
The firm stated that the loan is not written as of yet, but there is £200,000 of underwriting in place.
Investors will earn 12 per cent per annum, immediately upon commitment to the loan.
The firm assures prospective investors to take part in the deal. The lender said: “If the loan does not fully fund, Lendy Ltd will pay interest owed to all committed investors.”
The platform stated that it holds a certified letter for the property valuation, which is viewable on its website.
Savings Stream secures all of its loans against assets in its possession and if a borrower defaults the asset, it is then sold. It never loans more than 50 per cent of the value of the asset and 70 per cent of the value of the property.
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