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Peer-to-peer provider Lendy enters administration

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28/05/2019
Beleaguered peer-to-peer (P2P) lender Lendy went onto administration on Friday after the Financial Conduct Authority (FCA) appointed liquidators.

The FCA is continuing to investigate the series of events that led to the closure of the lender.

Lendy operated a P2P lending platform through a website facilitating crowdfunded loans which were used to fund the purchase and development of property.

Lendy was forced to admit two thirds of its active loans worth £112m were overdue in October last year and restructured in December with three new board appointments, after asking the regulator to help with a legal dispute after two loans worth almost £9m went past due.

The regulator has appointed Damian Webb, Phillip Rodney Sykes and Mark John Wilson of RSM Restructuring Advisory LLP as administrators.

The Lendy website will be used to provide investors and creditors with information and will be updated when information becomes available on the administrations of the companies.

To contact the administrators the email is lendy.restructuring@rsmuk.com and the phone number is 020 3858 9653.

The help page said: “Due to the volume of enquiries we expect to receive, we will only be able to respond to urgent queries.”

The platform received its full authorisation from the FCA on 11 July last year, after facilitating £400m in loans since its launch in 2012.

On authorisation, Liam Brooke, CEO of Lendy, said that bridging and development loans through sources such as Lendy were critical to tackling the UK’s housing shortfall, with house building now at its lowest rate since the second world war.

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