Following the February launch of its new lending platform, the firm has raised more fire power for its property backed loans.
Credit Peers, a UK-based secured property lending platform has secured a credit line of £45 million from a European investment management firm.
The firm says the new financing round should allow Credit Peers to expand its growing business by providing fast-tracked debt funding to investors and developers “on investment grade property transactions“ across the UK.
Earlier this year Credit Peers launched its loan-based P2B platform offering property transactions to the public. Previously, the firm says, these were largely only available to institutions and banks.
Romain Cohen, Chief Investment Officer at Credit Peers said: "We are thrilled to receive this credit line that should help us to accelerate the company into its next stage of growth."
Torsten Hartmann, CEO, adds: "Being able to secure such a financing supports our ability to originate attractive opportunities for institutional investors and family offices."
Credit Peers is one of the latest businesses to launch into the alternative finance market. It says it us one of the first ‘peer-to-business’ property lending platforms in the UK.
Hartmann tells us that the credit facility will be used to fund deals that need to be completed quickly, while those that are less time-sensitive, such as refinancing loans, will be made available to individual investors.
In some instances, the credit line may be used to fund a loan in the first instance, with P2P investors then providing refinancing money down the line (Hartmann offered the example of a bridging loan for refurbishing a property).
The Credit Peers platform was launched earlier this year. The platform operates as an appointed representative of Resolution Compliance Limited – a regulatory umbrella for fintech startups, owned by Thistle Compliance.
Credit Peers continues to seek full authorisation from the regulator, having applied nearly a year ago.
"Being able to secure such a financing supports our ability to originate attractive opportunities for institutional investors and family offices,” said Hartmann.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.