LandlordInvest, a peer-to-peer lending platforms for buy-to-let and bridging loans, has gained full FCA Authorisation after a 24 months application process.
The lender, which will now be fully authorised by the Financial Conduct Authority (FCA), aims to ensure that lenders are well equipped to support buy-to-let landlords looking to buy or remortgage existing rental investments.
Filip Karadaghi, LandlordInvest’s chief executive, said: “We are delighted to have reached this important milestone, ahead of many larger peer-to-peer lending platforms, that are still operating under an interim permission.
“Full FCA authorisation means that we have proved to the regulator that we are able to meet its high threshold standards and have the appropriate regulatory and operational infrastructure in place.”
LandlordInvest has now submitted an application to HMRC to become an ISA manager to be able to offer the Innovative Finance Individual Savings Account (“IFISA”), and the lender expects to receive approval over the next few weeks and will offer the IFISA directly through its lending platform.
Karadaghi added: “Our next milestone is to be able to offer the IFISA, which we believe will benefit savers given the low interest rate environment and low returns. Indeed, we will be looking to offer tax-free returns between 5-10% per annum with our IFSA.
“In addition to higher potential returns, the IFISA is a valuable addition in a diversified portfolio, especially if it is not correlated with the stock markets, which our IFISA would not be.”