Peer-to-peer property lender Relendex has raised £3m this 12 months from non-public traders, Peer2Peer Finance Information can completely reveal.
The lender will use the money injection to help its progress within the UK.
“The corporate has efficiently raised £3m in 2023 from non-public traders to make sure that it has the capital base to help its rising mortgage guide,” a Relendex spokesperson mentioned.
Final week, Relendex introduced its third 12 months of profitability, and government chairman Paul Sonabend mentioned that he hoped to pay shareholders their first dividend later this 12 months.
Though the P2P lender didn’t disclose its complete revenue for the 12 months ending 31 January 2023, Sonabend confirmed that the corporate’s earnings “exceeded” the £322,998 revenue that was reported final 12 months. Peer2Peer Finance Information understands that 2022/23 earnings have been within the £300,000 to £400,000 vary.
Sonabend additionally confirmed that Relendex elevated its share capital by £3m throughout this calendar 12 months, and now has “one of many strongest stability sheets in our sector.”
Learn extra: Relendex unveils funding partnership with Travis Perkins
In keeping with the corporate’s monetary outcomes, by 31 January there was simply over £4.8m in its share premium account, down from £8.39m the earlier 12 months.
On 7 October 2022, a particular decision was handed to cut back the corporate’s share premium account by £5.5m, “thereby rising the corporate’s distributable reserves by an equal quantity”.
Following this, 5,555,554 peculiar B shares have been issued at £0.36 per share, elevating roughly £2m.
Learn extra: Inexperienced evolution: Unique interview with Relendex’s Paul Sonabend