LendInvest joins £600m revolution

The first P2P mortgage lending platform is the Peer-to-Peer Finance Association’s newest addition. The group’s members have lent over £600 million in total.

LendInvest, who has lent £6.5 million to date, will stand next to P2P’s head platforms, Zopa, Funding Circle and RateSetter.
Co-Founder of LendInvest, Christian Faes said: "We are very excited to be included on the committee of the P2PFA. There are some great businesses that are part of the Association, and these companies include some of the global pioneers in the P2P space."

The Peer-to-Peer- Finance Association ( P2PFA) works in close connection with the Financial Conduct Authority (FCA) advising on the welfare of the P2P industry.

Speaking to B&C, Christian Faes, Co-founder of LendInvest, said with industry regulation fast approaching in April 2014, now is a good time to join the group. He added: “We were keen to join them as they were the main industry body that represents peer to peer.”

“Regulation is a good thing, but it is a work in progress. We have been talking with the FCA and it seems fairly sensible the moves they are planning to make. The paper they are due to release next month will give us more of an idea on specifics.”

Christian Faes also predicts that more acceptance and faith in P2P lending from larger investors will come hand in hand with next year’s regulation. Therefore, B&C can infer that the industry may experience a further increase in activity shortly after.

As an industry body, the P2PFA aims to encourage lender trust in the industry with strict rules for its members. 
As chair of P2PFA, Christine Farnish said: "We welcome LendInvest to the P2PFA. As experienced lenders with a track record, we look forward to their active contribution to the sector."

LendInvest launched four months ago as a platform for residential and commercial mortgages and has a growing amount of investors. The online platform typically deals with short term loans, however Christian Faes confirms that LendInvest will be looking at offering longer terms in 2014.