FundingKnight’s £450k loan to help the environment
FundingKnight’s £450k loan to help
FundingKnight, one of the UK’s leading P2P lending platforms, has raised £450,000 from its investors to finance the construction of a new wind farm near Bude, in Cornwall.
Suffolk-based Mosscliff Power 4 Limited, will use the money to construct a 250kw sustainable energy facility to add to the 500 wind turbines that it has already built in the UK. Finance for the new project, which has already received planning permission from Cornwall Council, is effectively underwritten by Government as part of its renewable energy policy.
Commenting on the loan, FundingKnight’s Chief Executive Graeme Marshall said: “This is just the sort of finance that FundingKnight was designed to provide – it puts good quality borrowers together with responsible lenders to fund a project that benefits the environment. It really is a case of ‘everyone wins’.”
“From FundingKnight’s point of view, this loan takes us to a new level. It comes in just under our new recently-announced loan ceiling of £500,000, and we believe that there will be many more renewable energy projects to follow. The loan structure demonstrates the capacity of our platform as well as the professionalism and ingenuity of our lending team.”
The loan, which is secured by a first legal charge, debenture and assignment of income, will be spread over 36 months. Interest only will be paid in the first year, followed by two years of interest and capital repayment. At the end of year three, 15 per cent of the original loan will have been repaid at which point the loan will either be refinanced or the assets sold to repay the remaining debt.
Posted: 30th of January 2015