/ Bucket List

easyMoney swings into profit and pays 7.4% interest despite impact of Covid

(Capital at risk - Past performance does not guarantee future results)

easyMoney, the investment platform from Sir Stelios Haji-Ioannou’s ‘Easy’ family of brands made a profit of £269,000 and paid out an average interest rate of 7.4 per cent during 2020, despite the impact of the Covid-19 pandemic.

The firm added that its Premium, Premium Plus and High Net Worth products have actually paid out more than their target interest rates over the past year.

Many peer-to-peer lenders have had a difficult year, with some having to close. During this period, easyMoney remained open with no losses or defaults and has not introduced any extra fees to its customers.

easyMoney said that despite the disruption caused by Covid-19, it has had a successful year which has culminated in the opening of its first shop in Chelsea. The pop-up shop represents a new opportunity for retail investors to discover P2P investing as lockdown eases across the UK.

easyMoney investors have also benefitted from the platform’s fast withdrawal times. Some lenders took months to release customers’ funds due to heavy withdrawals whilst easyMoney has had an average withdrawal time over the past 12 months of under one day.

The platform highlighted that its record, combined with that of its predecessor Tower Bridging now stretches back 15 years with never a penny of investors’ money lost on the property-backed loans, it writes.

easyMoney says that this is down to its team’s 100-plus years of combined property market experience. Jason Ferrando, head of lending at EasyMoney, has a 30-year track record in property lending.

easyMoney’s chief executive Andrew de Candole has previously taken two real estate companies from start-up to public flotation and has more than 40 years of real estate development experience.

He says: “The past 12 months were difficult for many in this market but easyMoney has shown consistent growth and customer satisfaction.”

The platform takes a conservative approach to lending, with an average loan to value of just 48.4 per cent on bridging loans, and an average loan to gross development value of 54.1 per cent on property development loans. 98 per cent of its loans have a first charge.

“It’s exciting for everyone in the team that we have become profitable so quickly,” added Andrew de Candole continued.

“The next big target is hitting £100m in loans. However, we won’t compromise on our underwriting to do that.”

“With excellent average interest rate pay outs, withdrawal times and expanding our offering, we are excited to build on another profitable year and help others understand the potential benefits of the P2P market.”

Original article available at Peer2Peer Finance News

e-Money Capital Ltd trading as easyMoney is authorised and regulated by the FCA (FRN 231680). Instant access to your money can’t be guaranteed. The property industry is subject to market conditions and therefore your capital is at risk. Peer-to-Peer Investments are not cash savings accounts so they are not covered by the Financial Services Compensation Scheme (FSCS). Past performance does not guarantee future results. Tax treatment is dependent on individual circumstances and subject to change.

Written by The easyMoney Team

View all posts from this author