Peer-to-peer exchange Relendex has claimed a world record for real estate debt in a public auction by having its latest peer-to-peer lending auction fully subscribed within 24 hours.
This auction raised £250,000; the loan will be for a 12-month period in order to finance the redevelopment of existing office space into 18 one-bedroom student units to be rented out once completed. Lenders will receive 8% per annum.
The auction site is powered by bespoke technology designed for Relendex by iState Systems.
IState’s auction platform enables the borrower to be matched with multiple lenders while providing transparency of offers. The system can be either bespoke or standard and can be white labeled. It provides tracking of successful deals, including all borrowers and potential investors at any given time.
Other recent auctions include: £700,000 for nine buy-to-let apartments funded by a dynamic auction which settled at a rate of 8.88% per annum for lenders and £1,500,000 for a residential development in central London that produced a lender return of 9% per annum.
Chris Little, managing director of iState Systems, said: “Peer-to-peer lending provides a very real alternative to people who cannot get the finance they need from more traditional sources. The requirements of running an auction platform are complex but need to appear simple and transparent to both borrower and lender and offer full transparency and complete tracking by the operator, which is what the iState system, Apprivo, offers to Relendex.”
