Sourced Capital prepares £12m loan pipeline for P2P investors

Sourced Capital has already developed a £12.3m loan pipeline, just one month after becoming directly authorised by the Financial Conduct Authority (FCA).

The peer-to-peer lending platform said the pipeline consists of six projects of 89 residential units across Dorset, Somerset, Lancashire, and Greater Manchester such as a one six-bedroom house in multiple occupation.

The loans will be open for funding from next week.

“Our pipeline is growing quickly, and we are lending to support a wide range of property transactions including ground-up developments, conversions, and refurbishments,” Derek Pratt (pictured), commercial director for Sourced Capital, said.

Read more: Sourced Capital boss says Covid has made investors more aware

“Whilst our sweet spot for lending is typically between £250,000 and £3m, we always assess each proposal on its individual merits, with the current pipeline clearly demonstrating our willingness to support quality transactions both above and below this range if they provide the right calibre of opportunities for our investors.”

Sourced Capital completed the acquisition of P2P platform Peer Funding last month and became directly authorised.

Peer Funding will now trade as Sourced Capital, the subsidiary of Sourced Group which provides asset-backed P2P property development investment opportunities to sophisticated, high-net worth, corporate and institutional investors.

Since 26 February 2021, as an appointed representative (AR) of Rebuildingsociety, Sourced Capital had been unable to do any new regulated P2P lending, after the City regulator expressed concerns around the AR/principal structure for P2P platforms.

Its platform and Innovative Finance ISA has since reopened to investors.