Leicestershire-based alternative lender closes P2P platform

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Ashby-de-la-Zouch-based ThinCats, the alternative lender to mid-sized businesses, has moved to an institution-only funding model for future loans. No new loans will be offered on the P2P Platform operated by Business Loan Network (BLN), one of the ThinCats Group companies. The P2P Platform has entered a run-off phase and has closed to new investors.

Investors already using the P2P Platform will continue to receive interest and capital repayments on the loans that they hold in the usual way. All existing systems, controls and staff will remain in place to ensure investors’ interest and capital is collected when due or otherwise actively recovered.

The ThinCats Group will continue to support the funding of UK SMEs through its institutional lending products where up to £700 million of funding has been made available.

Jill Sandford, Chief Executive, BLN: “The number of loans funded by the P2P Platform has fallen significantly over the last two years and it is no longer cost effective or practicable to raise funds in this way. We have, therefore, made the decision to close the P2P Platform to new business and initiate a run-off process for existing investors.

“The controlled run-off of the P2P Platform will ensure that there is no impact on the returns or service levels that existing investors will receive.

“The ThinCats Group will continue to support the funding of mid-sized UK businesses through its institutional funding products.”