Loanpad targets £100m of new lending in 2023
Loanpad narrowed its cumulative losses last year, as it eyes £100m of new lending in 2023.
The peer-to-peer property lending platform posted an annual profit of £275,389 in the 12 months to 31 December 2022, bringing its cumulative loss reserves down to £970,172.
Loanpad’s net assets grew from £449,545 in 2021 to £725,454 in 2022, according to documents filed with Companies House.
The platform’s chief executive Louis Schwartz noted the challenges of the last few months of 2022 but was positive about the year ahead.
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“Despite a relatively flat fourth quarter due to political and market instability, new lending was over £60m in 2022 and we would hope to do close to £100m in 2023,” he told Peer2Peer Finance News.
“We have an increasing number of lending partners and investors and we are very bullish on the outlook for the next 12 months.”
Loanpad, which was named by P2P ratings agency 4th Way as one of the top six P2P platforms of 2022, has increased investor interest rates a number of times over the past year.
Investors can now earn 3.7 per cent from its classic account and 4.9 per cent from its premium account.
Schwartz told Peer2Peer Finance News last September that the increases were being made in response to the rising base rate.
He added that the platform will “continue to monitor rates and will provide further updates in due course.”