Leeds-based peer-to-peer lending platform rebuildingsociety – which has a £3.5m loan book and has grown 250 per cent since December 2013 – marked its best month ever in July.
A total £610,000 of loans advanced to seven UK businesses included rebuildingsociety’s largest to date – £315,000 to Norfolk-based excavation and groundwork specialists GRA Project Management.
rebuildingsociety enables individuals to lend varying amounts of money – starting from just £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 per cent, 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.
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“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 £6m this year – providing growth loans to up to 100 UK businesses.