Member Article

Leeds P2P crowdfunding platform loans a record £610k in a month

Leeds-based peer-to-peer lending platform rebuildingsociety has marked its best month ever in July.

rebuildingsociety has a £3.5 million loan book and has grown 250% since December 2013.

A total £610k of loans advanced to seven UK businesses included rebuildingsociety’s largest to date, a £315k to Norfolk-based excavation and groundwork specialists GRA Project Management.

rebuildingsociety enables individuals to lend varying amounts of money, starting from £10, to established UK businesses.

Companies repay monthly loans to the peer to peer lending platform, which acts as an administrator on behalf of its lenders.

As part of a crowd, individuals earn pre-tax annual returns from 8-20 %, while businesses receive vital growth finance quickly, with no early repayment charges.

Daniel Rajkumar, rebuildingsociety’s MD commented: “It’s tremendous that our platform is acting as a magnet for more investors and lending to established companies like GRA Project Management, who come on board because they can secure a loan in weeks rather than months.

“In this instance, the contractor used the loan to buy equipment that it was previously leasing, which made strong commercial sense and improved the company’s balance sheet.”

The peer-to-peer lending platform is seeking to increase its loan book to £6 million this year, providing growth loans to up to 100 UK businesses.

This was posted in Bdaily's Members' News section by Clare Burnett .