Invest & Fund chief David Turner believes passing the £30m lending mark showcases the company's ability to find and deliver development and bridging loans.
The specialist residential bridging and development finance platform has completed a £5.6m residential development facility, pushing the platform’s total lending since December 2015 to more than £30m.
The alternative finance platform financed the deal via its institutional lender base. Individual and institutional lenders on the platform have also traded more than £11m on the resale marketplace since December 2015.
And Mr Turner, CEO and co-founder of the company is thrilled with the development. He said:
“We passed £25m in total lending in late October. Our most recent development deal takes us above £30m, showcasing our ability to find and deliver development and bridging loans from £250k right up to and beyond the £5m mark.”
The latest deal was funded by the Invest & Fund’s institutional lender base, although the platform is also open to investments from individuals and brokers. Since December 2015, individual and institutional lenders have also traded more than £11m on the resale marketplace.
Invest & Fund also received full authorisation by the Financial Conduct Authority in August and appointed additional business development managers in London, the midlands and North-West England. The peer-to-peer property finance achieved the "key milestone” by receiving the City watchdog’s approval.
Its board members, who are said to have extensive experience in the financial services sector, include chairman Robert Burgess, former managing director of Barclays Capital Mark Kibblewhite and former managing director of Nomura Global Markets Brian Lynch. At the time, Mr Turner said:
“We are 100 per cent focused on residential property, supporting developers and brokers at a time when the housing market needs new sources of investment and lenders are searching for better returns. FCA authorisation shows we’re operating at the highest standards and building a trusted, specialist lending platform.”
Mr Burgess, again at the time of the development, added:
“FCA authorisation helps us explore more ways to unlock funding for property developers operating at the under-serviced, smaller end of the market. And it builds even greater confidence across our lender base that we’re delivering a trusted, transparent service.”