The peer-to-peer lender’s tax wrapper will be going live next week.
CrowdProperty has announced it will be launching its Innovative Finance ISA on February 23rd, 2018.
The IFISA tax wrapper will allow existing lenders to take advantage of this year’s ISA allowance of up to £20,000, before the end of the tax year in April. The platform will also be accepting transfers of existing ISA funds into the CrowdProperty IFISA.
Founded in 2013, CrowdProperty have been responsible for over £12m of development project finance loans between private individuals and UK professional property businesses.
CrowdProperty offers lenders first charge security on all loans, who can expect to receive an expected 8 per cent in interest on any funds invested through the platform. Fully authorised and regulated by the Financial Conduct Authority, the platform maintains a database of over 6,000 registered users, with its latest project receiving £250,000 of funding in fifteen minutes.
“We offer carefully curated, secured lending opportunities to our retail lender-base and we are very excited to be able to offer our lenders the opportunity to earn more on their money through an ISA tax wrapper,” said Simon Zutshi, Founder and CEO of CrowdProperty.
“This makes our offer even better, especially when our 100% payback record and our insistence on first charge security is considered.”
Research commissioned as part of AltFi’s own IFISA report suggests that public ignorance is going to be the most likely obstacle for widespread take up of the tax wrapper, with only 23 percent of those surveyed aware of its existence. However of those in the know, 1 in 6 have already put money into one.
Find out more about the Innovative Finance ISA with our first IFISA Special Report.
