This page shows shows latest peer to peer lending and investing breaking news and company updates.
June 14th 2017: Zopa has released it’s IFISA.
June 9 2017: Unbolted has received full FCA authorisation.
June 7 2017: Assetz Captial has released its new Property Secured Investment Account. Read my Assetz Capital review for more information.
June 1 2017: LandlordInvest has launched its secondary market
May 25 2017: Zopa is retiring its Access and Classic products and replacing them with their new Core product. Core will seek a target annual return of 3.9%.
May 25 2017: Zopa is scheduled to launch their IRA on June 15th 2017 with targeted annual returns of 6.1%. To manage initial demand, the ISA will only be available to existing investors.
May 24 2017: Relendex is now fully FCA authorised and has launched its IFISA.
May 24 2017: Archover is now fully FCA authorised.
May 23 2017: Zopa is making changes to investor’s dashboard to show projected returns based on your individual loans to date. The old calculation method showed projected returns based on the average performance of similar loans on the platform.
May 11 2017: Zopa has received full FCA authorisation. They will apply for ISA clearance shortly.
May 10 2017: Lendinvest is requiring all account holders to confirm their investment eligibility. This is purely a formal FCA regulatory requirement being placed on Lendinvest. Fear not as this will not change your account. Simply select “High Net Worth Investor” and answer a few short questions then your account will operate as normal. Also be aware the Auto-invest function has been suspended so manually reinvest of repayments is needed.
May 8 2017: Funding Secured has implemented a welcomed change to their secondary market. There is a now a maximum premium and discount amount of 1% on all loans.
May 5 2017: Unbolted has automated their deposit and withdrawal process. All deposits before 7pm will be credited the following day. Withdrawals received until 8am will be processed the same day.
Apr 19 2017: Lendy / Saving Stream is advertising a five year 7% p.a. mini bond offering. I’m not a fan of mini bonds due to the risks, but if you’re interested, you can read the brochure here.
Apr 18 2017: Funding Secure is now offering its ISA. Sign up here for a Funding Secure Account and then click the ISA account application inside the dashboard.
Apr 9 2017: Assetz Capital is offering a good promotional interest rate on its 30 Day Access Account. New and existing customers are able to receive a 90 day bump in annual interest to 4.75% (gross). Offer available from now until May 11th 2017, although Assetz can close the offer at anytime. Sign up here.
Apr 9 2017: Bondmason has raised its minimum investment amount to £5k and is increasing its annual fee from 1% to a maximum of 1.5% per year for balances under £10,000. You can read my thoughts on my Bondmason review.
Mar 31 2017: Funding Secure has received its full FCA authorisation and hopes to offer an ISA in the next two months.
Mar 31 2017: Ablrate has received its full FCA authorisation but no word on an IFISA yet.
Mar 30 2017: Saving Stream will no longer be marketed as Saving Stream and is reverting back to its original operating name of Lendy.
Mar 30 2017: MoneyThing is changing some parts of its operating structure to comply with the FCA. Moneything will no longer fund loans prior to lenders funding them. Also old loans will abide by the new operating structure, terms and conditions. These changes don’t affect lenders.
Mar 27 2017: MoneyThing has received its full FCA authorisation but no word on an IFISA yet.
Mar 18 2017: Saving Stream had added a faster deposit system. This is to solve their new requirement that lenders need funds in their accounts to purchase secondary market loans. Some lenders are reporting deposits being credited in as fast as 5 minutes. I experimented with the deposit and mine took several hours to be credited. This only works during M-F business hours. Not a perfect solution but it’s a start.
Mar 14: Fruitful has relaunched as Fruitful Homes and will focus on crowdfunding in-house property development projects based on modular eco-friendly homes. Interesting but £1k min per investment.
Mar 14 2017: Saving Stream announced it has sorted out its data loss issues and that all lenders deposits have been accounted for.
Mar 14 2017: Trillion Fund is sadly closing its doors after six years in the peer to peer lending sector. Trillion was only able to acquire a £3m loan book which was clearly not enough to sustain the company long term. Trillion’s loan book will continue to be serviced but very few details are offered as to how this will happen.
Mar 11 2017: Saving Stream recently had some data loss issues with regards to lender deposits. This resulted in some secondary market activity. I’m not currently concerned about this error as Saving Stream is working on a solution and has notified all lenders. While it’s certainly not an ideal situation, mistakes happen when third party payment processors are involved. If you are looking to pick up some loans, it’s a great time to buy as some lenders are panic selling.
Mar 11 2017: Saving Stream now requires lenders to have funds on deposit to buy secondary market loans. The credit system was becoming an administrative headache for Saving Stream and while the change is annoying, it was inevitable.
Feb 21 2017: Property Moose has posted financial details about their first successfully completed sale of SPV 1, their first crowdfunded property on a two year term. Breakdown is purchase price £63,000, sale price £67,000, rent received £4,828.87, total return on investment £8,828.87 which represents a 14.01% net return.
Feb 21 2017: Landlordinvest has made its ISA flexible meaning you can replace, in whole or in part, cash you have withdrawn, without the replacement counting towards your years ISA limit.
Feb 20 2017: Landbay has launched its ISA. Minimum investment is £5,000 and the expected annualised return is 3.75%. Demand is expected to be high so the ISA may be paused from time to time to manage lending flow.
Feb 17 2017: Lending Works has reopened its ISA. Limits are being raised to £5m but it is expected to fill quickly.
Feb 16 2017: Saving Stream is making some drastic changes to its secondary market. Beginning early March, you will no longer be able to buy secondary loan parts without having the money in your account. Also Saving Stream has released a new Loan Default Policy document. This document explains how they will be handling defaulted loans effective March 1st 2017.
Feb 15 2017: Lending Crowd is offering an ISA with a minimum investment of £1,000 and a target return of 6%.
Feb 10 2017: Saving Stream announces £20m of new loans going through their pipeline to be added to their platform shortly.
Feb 8 2017: Mintos announces currency exchange directly through the platform eliminating the need for external currency exchange companies.
Feb 8 2017: Collateral has implemented pre-funding on new loans. Pre-funding has limits to allow all investors an opportunity for loan allocations.
Feb 8 2017: Lending Works has opened its first ISA. Limited to a £1 million to start.
Feb 5 2017: Moneything: Looking into developing a pre-funding system on new loans similar to Saving Stream and Assetz Capital.
Feb 3 2017: Property Moose: Added £18 accounting and £12 corporate governance fees to lender’s monthly expenses. These fees will only be included on SPV’s 59 and higher and not on the older properties.
Feb 3 2017: Ratesetter: Made big changes to the way its Provision Fund operates. Read more in their terms and conditions. To summarise the changes, they allow Ratesetter to manage the Provision Fund’s health by reducing costs, using future loan funds and interest or reducing lenders interest returns. This is a good change and one that would allow Ratesetter to act in times of trouble rather than being forced to shut down the platform. If you don’t like the changes, Ratesetter is allowing lender’s to exit the platform with no selling fees.
Feb 2 2017: Collateral: Will be introducing pre-funding on new loans.