Proplend announced on Wednesday it received full authorisation from the Financial Conduct Authority (FCA) for peer to peer lending.
“After a comprehensive approval process, we are delighted to have reached this significant milestone. The granting of full authorisation demonstrates to current and future investors that Proplend’s regulatory and operational infrastructure has met with the highest standards demanded by the FCA. We believe that the rates of return offered in even our lowest risk Tranche A (0-50% LTV) will prove very attractive to ISA investors in the persisting low interest rate environment.”
Proplend currently offers lenders the ability to invest up to three loans to value-based risk tranches, all loans supported with the security of a first legal charge over an income producing UK commercial property. The online lender added it will submit an application to HMRC to become an ISA manager and offer the Innovative Finance ISA (IF ISA) in due course