Funding Secure Ltd., a U.K.-based P2P lending platform, was placed into administration, the local equivalent of bankruptcy protection, according to the U.K. Financial Conduct Authority. 

The FCA posted an announcement about Funding Secure on its website. The company facilitated loans through crowdfunding and the proceeds were used to finance property purchases or for pawnbroking. 

The company provided loans backed by a wide variety of assets, including boats, jewelry, luxury cars, fine art and other assets. 

The company had a loan book of about 80 million pounds ($103 million) and had 486 loans from about 3,500 investors, according information posted by CG Recovery, the administrators appointed to oversee the case. 

The filing stemmed from certain loans that failed to perform according to expectations and the company was also dealing with litigation involving allegations of fraud. The company had filed suit against art dealer Matthew Green alleging he had borrowed 2.3 million pounds ($2.9 million)  from the company with the proceeds secured against various pieces of art.