Sourced Capital provides £10m of funding in first half
Sourced Capital, the peer-to-peer property lending platform, closed seven new deals during the first half of 2022, providing £10.4m of funding to small- and medium-sized property developers.
During the six-month period, the company saw the number of registered, qualifying investors surge threefold, culminating in its largest loan to date – a £5m loan for a landmark development project in Taunton.
It said it had seen strong appetite from investors, with property loans funding in minutes.
The platform said it has maintained 100 per cent repayment of all capital and interest to investors on non-active loans.
“Equally important when reviewing performance, moving into the second half of the year, none of the current loan book is in default or distress,” the company said.
Read more: Sourced Capital prepares £12m loan pipeline for P2P investors
Strong pipeline
With the second half of the year now under way, Sourced Capital said it is on course to surpass its projections for 2022 with a strong pipeline of new deals in place.
Derek Pratt (pictured), commercial director, said: “We are seeing increasing investor and borrower demand, notwithstanding the economic uncertainties impacting the country.”
Sourced Capital, which is the fintech funding arm of Sourced Group, only funds property development projects from Sourced Franchise, its own network of property developers. This means all borrowers are directly connected to the Sourced Group.
Read more: Sourced Capital reopens IFISA for investment
