Lendy

Lendy Ltd (FRN 743416), formerly known as Saving Stream, was an FCA-authorised property-backed peer-to-peer lending platform that collapsed in May 2019 and entered administration. The platform had facilitated approximately £160 million in property-secured loans to UK borrowers.

Lendy's failure was one of the most high-profile collapses in the UK P2P sector. The FCA found serious regulatory failings, including inadequate due diligence, poor risk management, and misleading communications to investors. The administration has resulted in significant losses for investors, with recovery rates substantially below original loan values in many cases.

Lendy operated as a property-backed P2P platform where investors could select individual development and bridging loans secured against UK property. The platform offered a secondary market for trading loan parts. However, the FCA's subsequent investigation found that the platform's underwriting, valuation processes, and risk disclosures were seriously deficient.

Lendy is no longer operational. When active, the platform offered property-secured loans with advertised returns typically in the range of 7–12% per annum. The platform's collapse revealed that many loans were significantly impaired, with underlying property values often well below the amounts lent.

Lendy is in administration and is not accepting new investors or investments. The case serves as an important cautionary example of the risks inherent in P2P property lending, particularly regarding the importance of independent valuations, conservative underwriting, and platform-level governance.