This was great for the developers. Where banks might take months to decide whether to lend them money, Lendy’s marketing material said it could do it in a “matter of days.” It could also lend against projects that the “banks would be unable to value confidently”. And it could lend in volume — retail investors were so keen to lend, said the firm, that loans were “often oversubscribed by 10 times”. It sounded just as good for investors. They got the peaceful, easy feeling of knowing their loan was secured against UK property, and that there was a “four step due diligence process . . . often done to a higher quality than at major banks” as well as a “five phase credit assessment” to back the whole thing up.

https://www.ft.com/content/895d5ae8-aa09-11e9-984c-fac8325aaa04