The peer-to-peer property finance firm Lendy has collapsed into administration, the City watchdog said yesterday as it launched an investigation into the company.
The Financial Conduct Authority announced that RSM Restructuring Advisory had been appointed to wind up Lendy on behalf of creditors.
It follows long-standing concerns about the levels of default on the platform, which connected investors with property developers and promised returns of up to 12%. A review of Lendy’s £181m loan book in November found that more than 60% of borrowers had fallen behind on repayments.
