8 Jun 2016

Fox Williams has advised UK-based lending platform ThinCats, Europe’s biggest platform for secured peer-to-peer (P2P) business loans, on its auction of Europe’s largest non-property peer-to-peer (P2P) loan.

The loan of £3.5m, to insurance group LAMP, is over three years with an interest payment of 9% per annum and is underwritten by ESF Capital. Founded in 2005 and with net assets of £24.5m, LAMP is one of the largest businesses to seek P2P funding.

Fox Williams partner Jonathan Segal, with associate Daniel Geller, also advised ESF Capital and ThinCats’ sponsor, Capital Engine. LAMP was advised by Fieldfisher.

John Mould, CEO of ThinCats, commented: “LAMP is a well-established business with a significant market presence. This shows that P2P lending in general – and ThinCats in particular – is beginning to vie with traditional lenders as a mainstream provider of capital to increasingly large companies. We expect to see an upward trend in both the size and variety of deals as more businesses discover the benefits of financing through P2P lending.”

Capital Engine’s Christopher Rothschild said: “This transaction shows that ThinCats is maturing into a marketplace where established businesses can raise structured term debt on attractive terms.”

“Guiding the ESF and ThinCats team through this landmark deal has helped pave the way for more substantial crowdfunded business loans within the P2P lending market,” Jonathan Segal noted.


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