Peer-to-peer (P2P) mortgage company LendInvest has posted a 133% increase in gross revenues for the year to 31st March 2016. Revenue is to £32million, up from £14million in the year before. Profits for the alternative lender rose slightly from to £3.4million, up from £3.3million in 2015. Total annual lending almost doubled to £320m over the year, from £174m.
Christian Faes, co-founder and chief executive, said: In light of the headwinds that the Brexit vote has caused for the UK’s economy, it’s been particularly rewarding to see customer demand for our products still growing and we look forward to building on this positive momentum in the next year. We have invested heavily in recruitment, technology development and underwriting expertise to keep our credit standards high and defaults low.
In April, LendInvest announced a new funding round worth £40million in the form of a warehouse financing deal with investment bank Macquarie. LendInvest said the £40million, used to fund mortgages via its website, will allow it to grow and consolidate its position in the UK short-term mortgage market.