Over 1,000 homes have been developed with funding from the property lending platform.
Property lending platform CrowdProperty yesterday revealed it’s now lent over £75m to developers since 2014.
The cash has helped fund the development of 1,000 homes worth £170m, with over £60m spent on labour, materials and services in the UK economy.
“CrowdProperty’s last 18 projects have been funded in 41 seconds on average, due to the 100% capital and interest payback track record and trusted brand we have built over 6 years of quality lending supported by deep property expertise, rigorous due diligence, first charge security, best-in-class operating practices and market-leading transparency,” said CEO Mike Bristow.
Bristow says the business has seen “record levels” of funding applications in the last few months, with many from developers who’ve had traditional lenders reject or refuse to lend.
“Property professionals come to CrowdProperty not because it’s a peer-to-peer lender but because we’ve built the best property project lending business in the market to serve their needs best as expert property people offering property finance,” the CEO added.
CrowdProperty says it now ranks 8th among the top European peer-to-peer lending platforms for volume of lending, and as it continues to lend even during coronavirus, that lead looks set to only grow.
“We have a strong pipeline of projects ahead, all meeting our specialist property team’s exacting standards, which have only ever tightened through 6 years of lending,” said Bristow.
“We see billions of pounds of applications and very carefully select the best to fund as a lender of first resort.”