UK-based Nucleus Commercial Finance claims it has made the largest ever P2P loan to date following a £14.5 million financing facility offered to UK steel stockholder Industrial Metal Services (IMS).
According to Nucleus CEO Chirag Shah, the loan facility, which took less than 10 weeks to be completed, is more than four times the previous P2P record.
"This is a significant sum of money for a company in a sector high street banks consider 'adverse' due to the global steel trade," said Shah. "However we support businesses from a wide variety of asset-rich industires and had no hesitation in working with IMS."
Shah also belives that Nucleus is likely to be one of the few beneficiaries from the aftermath of the Brexit vote and the consequent contraction in banks' corporate lending programmes.
Speaking to alternative finance news site AltFi.com, he said: “It’s the best opportunity for us to establish ourselves as a key part in the UK business credit market.”
The company has lent more than £400m to date and Shah claims that 90% of this has already been pad back with just £5,800 incurred in bad debts.