Peer-to-peer lending platform Folk2Folk has surpassed the £700m lending milestone since its launch in 2013.
The group stated this “cements its place” as the biggest P2P lending platform to small companies within the UK.
Folk2Folk’s minimal funding restrict is £20,000 and the minimal borrowing quantity on the platform is £100,000. All of the loans on the platform are secured in opposition to property or land with a most loan-to-value of round 60 per cent. Returns on the platform at the moment begin from 8.75 per cent each year.
Learn extra: Folk2Folk IFISA to stay P2P centered
“This achievement is testomony to the belief and assist of our debtors and buyers, and reinforces our mission to assist create prosperity throughout the UK. We stay dedicated to offering quick, versatile, and pleasant lending options that allow native companies to thrive,” stated Roy Warren, managing director of Folk2Folk.
Over the past 12 months, the platform has facilitated funding for companies together with a startup making customized handmade cricket bats; a group curiosity firm and a multi-million pound renewable vitality undertaking.
Throughout this era, the group paid out £15.78 million in curiosity to buyers.
In its newest outcomes, Folk2Folk reported a pre-tax revenue of £1.28m, which was its fifth consecutive annual revenue so far. This compares with a revenue of £1.37m within the earlier 12 month interval.
Learn extra: Folk2Folk displays on “anti-establishment” begin on 10 12 months anniversary
