I wrote a post back at the start of March shortly after I heard that the UK P2P lender Collateral went into administration. As an investor in some Collateral loans it took me by surprise, and at that time I was hopeful of a recovery of the capital invested. This post is to look at some of the developments which have progressed since then. Read more “Collateral Administration Update”
The following article is a guest post from Yann Murciano, CEO of Blend Network.
Since November 2016, as part of the Small Business Enterprise and Employment Act 2015, the UK’s nine major banks are legally required to refer those SMEs they refuse to finance to an alternative provider. The last figures published in August 2017 for the first nine months of the scheme were quite unimpressive: less than 3% of small businesses referred to alternative lenders via the bank referral scheme  were funded, that is some £4m in completed funding deals for the first nine months of the scheme. However, despite a sluggish start, we are now seeing an increase in conversion rates. Recent months have showed a significant pick-up in referrals, partly due to promotion of the scheme by the banks themselves. Of course, full effectiveness of the scheme will take time to achieve but if recent trends are something to go by, the trend looks encouraging. Read more “Where do you go when the bank says no?”
P2P lender Kuflink are offering £100 cashback for a minimum £500 investment on the platform. Although originally this offer was available quite widely, as of October 2018 Kuflink had reduced it to £50. Kuflink have confirmed to me that they will continue to offer the original £100 to those who sign up via the link below.
Property Moose announced last week that they are suspending their secondary market at the end of the month, February 28th.
Assetz Capital, one of the UK’s largest P2P lending platforms with over £400 million lent out, have launched their IF ISA (Innovative Finance ISA). They are giving access to the same investment products offered to non-ISA accounts:
You can now invest in all of our automatic accounts tax-free, with investment into the Manual Lending Account (MLA) using your ISA allowance available in Q1 2018.
P2P-Banking and El Espanol have broken worrying news over the past couple of days. Comunitae, a large European peer to business lending platform, have detected internal fraud and are suspending activity – probably shutting down.
Comunitae is Spain’s largest P2P lender, and one of the largest Euro-SME lending platforms. Founded in 2008, they’ve raised over €3.5 million in external funding (for platform development). Data from Altfi shows an all time lend of around 45 million euros, 9 million of which was in the year to date.
At the start of November, Comunitae sent out a letter to its investors explaining that they had interally detected fraud affecting 18 guarantors. El Espanol explains that their own risk analyst was complicit in a form of payment fraud with various businesses. Comunitae state in their investor email that there are now criminal proceedings against the employee in question. Read more “Trouble at Spain’s Largest P2P Lender”
Property Partner have broken the UK record for a property crowdfund with their latest student property development. The development: 65 student blocks in Newcastle is expected to yield 6.13% after all costs and fees. To put the size of this deal into context, I took data from their latest open house (September 2017). Read more “Property Partner Crowdfund ~£3m Development, breaking UK Record”
There’s a significant change coming to Funding Circle investing on September 18th.
With £2.5 billion in loan finance under their belt, Funding Circle have done a rebrand to their website. However, it’s not just the front end that’s changing: soon Funding Circle are removing the ability for manual investing and reselling. Read more “Funding Circle & The Zopification of SME Lending”