Published on May 6th, 2014 | by admin0
P2P Fit For Purpose
A lot of the discussion about peer-to-peer lending tends to focus on the profits available to lenders, and efforts by mainstream financial institutions to get onboard. While these are obviously topics of relevance to our readers, it’s nice once in a while to focus on some of the amazing projects that have been helped by P2P.
Iron Works Fitness Concept is a family-run gymnasium, opened in 1993 and popular with locals interested in fitness and competitive bodybuilding – one of the UK’s biggest names in the latter, Shaun Blackwood, trains there regularly. After working there for 17 years, Darren Young, along with his wife Katrina, decided to take over full ownership from Darren’s father.
Having been unsuccessful in getting the required funding from the bank, the couple learned about P2P lending, and jumped at the opportunity to find alternative investment. With the help of their advisors, Ludgate Financial and Harrison, Beale & Owen, they approached Thin Cats Network, one of the UK’s best-known P2P platforms, and were able to secure a £150,000 loan in just 24 hours, allowing Darren and Katrina to take the reins in just a month.
The money will also contribute towards modernising the existing Iron Works facilities with a view to attracting new members. This peer-to-peer loan has ensured that a successful family business can continue, and since the couple have 4 children, who knows, it may go on at least another generation yet! And without P2P, it might not have been possible at all.
The Iron Works is just one example of hundreds of deals that are taking place every day using peer-to-peer lending. With traditional forms of financing becoming harder to find, this is a fantastic way for businesses and individuals to realise their dreams and get the capital injections they need, as well as providing a secure income for lenders.