P2P lender targets £20m in lending

Published on

Dan-Rajkumar

Rebuildingsociety.com has passed the £1 million borrowing mark following a recent rise in interest from small and medium sized business (SME) borrowers.

The peer-to-business lending platform said strong growth in lending and demand from UK small businesses in the past three months has enabled it to facilitate nearly £1.2 million of loans to SMEs in a nine month period.

The firm is now targeting £20 million of borrowing by the end of 2014.

Average loans to SMEs are now £61,000 and the Leeds-based firm has received 50% more loan requests from businesses in the three months to November 22nd compared the previous three months.

Daniel Rajkumar (pictured), managing director of rebuildingsociety.com, said: “The SME sector is recovering along with the wider economy and that is reflected in the growth we are experiencing.

“P2P in general is seeing strong levels of interest from SMEs and consumers because of the value it creates for both parties. The businesses that borrow through rebuildingsociety.com have effectively won a crowd of stakeholders with an interest in their success which is more powerful and valuable than institutional finance.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

The Mortgage Works cuts rates for new customers

The Mortgage Works (TMW) has reduced rates by up to 0.30 percentage points across...

MPowered launches YouTube show to demystify homebuying

MPowered Mortgages has created a new YouTube series, On the House, aimed at helping...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Other news

The Mortgage Works cuts rates for new customers

The Mortgage Works (TMW) has reduced rates by up to 0.30 percentage points across...

Helping university students onto the property ladder

As we head towards the Easter break, thousands of first-year university students up and...

MPowered launches YouTube show to demystify homebuying

MPowered Mortgages has created a new YouTube series, On the House, aimed at helping...