Lendy, the P2P secured property lending platform, has published its audited accounts for 2016, showing profits before tax rising to GBP3.3m compared to GBP53,000 in 2015, while turnover increased 224 per cent over the same period, going from GBP9 million to GBP29.2 million.

Since its launch in 2012, Lendy has returned GBP36 million in interest to investors who have made loans through its platform, along with GBP141.5 million in repayments of principal to investors.

Lendy has so far written almost GBP367 million in loans secured against property, while its current outstanding loans amount to GBP186.5 million.

The Lendy platform offers lenders loans with a range of risk/reward ratios, with interest set at between 7 per cent and 12 per cent. The company never lends at LTVs above 70 per cent, with the majority below 60 per cent.

2016 was a year of significant progress for Lendy in terms of growth, both in terms of new investors joining the platform, and value of new loans written. This success continued in 2017, helping to establish Lendy as one of Europe’s leading P2P secured property lending platforms.

In 2017, Lendy appointed a new legal panel comprising three top 100 law firms, and a new panel of RICS-registered valuers with significant professional indemnity insurance cover. In addition, the platform instituted a new credit committee process, including an analysis of the borrowers’, sponsors’, and other principal parties’ experience, credit record, business plan and financial projections and forecasts.

Lendy also appointed top 10 accountancy firm Moore Stephens as its auditor. The firm was selected for its experience in working for fast-growing financial services businesses.

Liam Brooke, director and co-founder of Lendy, says: “2016 was a very strong one for Lendy, with growth in both turnover and profits, which has been built on in 2017. Our balance sheet is more robust, and our growth has been closely controlled. We’ve also experienced growth in every area of the business. All of that has made us one of the few profitable P2P platforms.

“We have put a huge amount of focus over the past year on the loans we offer to our lenders. And our due diligence, in many cases, exceeds that of major banks.”