P2P investors have received a £2.1 million loan repayment from a luxury apartment in the heart of Chelsea, on an investment made through Lendy, one of Europe’s largest peer-to-peer secured lending platforms.

The two bedroom flat in Cheyne Gardens is located within the Cheyne Conservation Area in Kensington and Chelsea, one of the most fashionable places to live in the UK.

The red-brick, mid-terrace period property was valued at of £3.25 million and had a loan-to-value (LTV) of 65% and a 12% interest rate.

The owners have used the property as security to fund a short term business loan.

The repayment marks a good start to the year for Lendy, which has a strong pipeline of repayments scheduled over the coming weeks, returning significant value to investors.

Lendy is expected to announce the repayment of the largest single UK P2P shortly.

Since its launch in 2012, Lendy has become one of the fastest growing businesses in its sector, with over 19,500 users. To date, it has returned £36 million in interest, having lent over £367 million to borrowers. It has been profitable from the outset, delivering a £2.7million profit before tax in 2016.

Liam Brooke, co-founder of Lendy, says: “It’s been a busy and successful start to 2018 for Lendy, and this repayment illustrates the strength of our offering.”

“At Lendy, we’ve long understood the importance of writing good loans, and this is another example of a rigorous due diligence process paying off for borrowers and lenders.”

“Working closely with our borrower at every stage of their project is a critical part of our strategy, and with results like this show our work is really paying off for our investors.”

“Lendy now have nearly 20,000 investors, as more and more people see secured P2P investments, offering 12% returns as a key part of their investment strategies.”