Peer To Peer Cumulative Lending By P2PFA Members Exceeds £10.5 Billion
The Peer 2 Peer Finance Association has recently announced that the amount of cumulative lending made by its members has exceeded £10.5 billion in the first quarter of 2019. This lending sector has expanded rapidly over the years.
Peer to Peer lending platforms bring together savers who are looking for a better return that they are getting on their traditional savings account accepting a degree of risk to their capital with personal or business borrowers. Some of these borrowers approach such platforms as they may have struggled to obtain the finance elsewhere such as from the high street banks and/or are trying to borrow the funds at a lower rate of interest.
In the first quarter of 2019, members of the above association advanced over £850 million. This is a significant figure and it will be interesting to see how the peer to peer lending sector performs for the remainder of 2019 and beyond.
Apparently, there are over 150,000 lenders on the platforms of members of the Peer 2 Peer Finance Association who have provided finance. These lenders have assisted almost 50,000 businesses, over 250,000 consumers and in excess of 800 development and real estate ventures.
The following shows the growth of cumulative lending by members of the above association over the last few quarters: –
Quarter 1 2018 £7,351,861,354
Quarter 2 2018 £8,043,217,143
Quarter 3 2018 £8,786,291,681
Quarter 4 2018 £9,595,548,965
Quarter 1 2019 £10,539,063,808
The figure of £10,539, 063,808 can be broken down into: –
Lending to businesses £5,708,031,575
Lending to real estate and property £446,673,199
Lending to individuals £4,384,359,034
If you are seeking finance for your business then there are many sources of such borrowing. Therefore, why not get in contact with us here at Commercial Mortgage Link and we will introduce you to a specialist business finance broker who has many years experience in assisting business owners source and arrange suitable, competitive business lending. We look forward to hearing from you and hope that we can be of assistance.