What Is Happening In Peer-To-Peer Lending - Market Commentary – 15 September 2014

Totals lent to date (15 September 2014) Assetz Capital - £43,922,745 Funding Circle - £363,629,400 FundingKnight - £7,536,000 FundingSecure - £1,314,109 Lending Works - £1,748,087 Money & Co – current figure not available (was £2,640,000 as at 1 September 2014) Rebuildingsociety - £3,808,110 ThinCats - £76,922,000 Zopa - £617,000,000 ………….. Below we provide an update about what has been happening within the above peer-to-peer lenders in the last couple of weeks. Assetz Capital  

Assetz Capital's investors have so far funded £43,922,745 of loans – an increase of 1.29% in two weeks. V & L Corporation Ltd are looking at raising £900,000 to re-finance an existing loan with their bank in respect of a care home in Leicestershire. Some 271 investors have each lent between £20 to £25,000 to fund the redevelopment of Pottersbury Equine Centre in Northamptonshire that could provide employment for up to 10 people.

Funding Circle

To date, it has processed loans totaling £363,629,400 – an increase of 3.67% in 2 weeks. In fact, in the first week of September, they achieved a record week at that time with lending of £6.5 million with the most common reason provided for finance being for business expansion. However, the company did not have too long to celebrate that achievement because in the second week of September they broke that record providing finance of £6.7 million.

An interesting change in requirements for potential borrowers is that Funding Circle has replaced the need to provide up-to date management accounts with, typically, 3 months bank statements thus saving the borrower time and expense. They reported that a Solihull law firm that had been operating since 2010 had fallen behind with their loan repayments.

FundingKnight

Loans totaling £7,536,000 have been processed – an increase of 0.01% in a fortnight. Interestingly, FundingKnight surveyed 200 high net worth individuals about peer-to-peer lending and 79% of those responding said that they would consider utilizing crowdlending. In the second week of September they had 4 loans go to auction.

FundingSecure

FundingSecure has administered advances totaling £1,314,109 – an increase of 1.15% in 2 weeks. They are still in the process of arranging the loan secured against a Superman comic book referred to in our previous report.

Lending Works

Lending Works has arranged loans totaling £1,748, 087 – an increase of 13.92%. This 13.92% increase in their lending book in the last fortnight is more than any of the above peer-to-peer lenders.

Money & Co

They have announced a new loan application on their platform for £850,000 by the Mar-Key Group based in Dorset who manufacture and install marquees.

rebuildingsociety rebuildingsociety's loan book stands at £3,808,110 – an increase of 0.93% in 2 weeks. To encourage the transfer of lending from banks to rebuildingsociety, they will offer a 50% reduction in their arrangement fees. (conditions apply) ThinCats

To date, £76,922,000 has been lent through ThinCats – an increase of 0.13% in 2 weeks. New auctions introduced on the platform totaled over £1 million in the last fortnight. They have decided not to charge £48 for anti-money laundering checks. On 15 September 2014, members were advised of a number of software changes being made to the platform together with some new features.

Zopa

To date, it has been involved in loans totaling £617 million – an increase of 1.65% in 2 weeks. Zopa has been named as one of the top 100 technology companies in the UK in The Sunday Times Hiscox Tech Track 100 table. This table lists private tech companies showing the fastest sales growth in the last 3 years. Zopa were in 79^th position with 47.16% pa average sales growth over this period. We trust that you have found the above to be of interest.