UK property p2p lending marketplace Funding Secure was placed in administration today, Oct. 23rd, 2019. Jonathan Avery-Gee, Edward Avery-Gee and Daniel Richardson of CG & Co were appointed Administrators of the Company. No deposits and withdrawal requests from investors are currently processed anymore. More detailed information is provided in this FAQ.
Funding Secure provided roughly 315M GBP funding, mostly for property development loans, but also for pawn loans. The outstanding loan book stands at approximately 80M GBP. The accumulated loan book represents approximately 486 loans from about 3,500 investors.
The FCA has issued a statement on this page.
This is the 3rd failure of a British property p2p lending marketplace following the earlier demise of the platforms Collateral and Lendy.