Kuflink has completed a £171,500 loan for a new borrower in just four days, following the launch of its 5-day bridge product.
The loan was then fully funded by investors on their peer-to-peer platform in under four hours. The borrower needed quick access to funds to complete the purchase of an investment property in Croydon, which adds to his current portfolio of circa £2.5m.
The loan was secured by way of first legal charge over an unencumbered property within that portfolio and will be repaid following refinance onto a buy-to-let mortgage.
Narinder Khattoare, chief executive at Kuflink, said: “Once again we are proving that borrowers are turning their back on the high street banks and coming to Kuflink for our speed and unrivalled service.
“The team worked hard to achieve this result in a matter of days, and the fact that our P2P community funded this deal in a matter of hours shows just how well we understand our borrowers and investors.”