eMoneyHub, parent company of peer-to-peer lender JustUs, has hit its £1.3m fundraising target to launch its People’s Mortgage product in the second quarter of this year.
The goal was reached in three days and supplied by 281 investors.
This latest funding round comes on top of the £1.2m the lender has already secured, including £600,000 from private investors and the rest from the British Business Bank.
The money will also be used to develop Only U.S‘ compliance team to launch mortgage products as well as Other EMoneyHub services that include a price comparison site MoneyBrain.
The lender also already provides loans and ISAs.
The product will be a residential mortgage fixed at a fixed rate of 2.5% for owners. Investors must be eligible for the Innovative Finance ISA to invest.
Only U.S got the approval of the Financial Conduct Authority provide residential mortgage loans in June 2019 and is considering submitting an application to change its authorities to include mortgage administration.
Shekina is the business writer for Mortgage Solutions. She has over four years of experience in the B2B publishing market, with previous industries including accounting, pets, funerals, hospitality, retail and jewelry. She currently reports mortgage market news and liaises with financial clients to produce sponsored content. Follow her on Twitter at @ShekinaMS