Peer to peer property lender CrowdProperty is out with a note saying they funded a £925,000 residential property in under ten minutes. To be exact, 9 minutes; 51 seconds. CrowdProperty adds that 60% of projects launching in 2018 each funding under half an hour.
CrowdProperty states that 113 investors / lenders jumped at the opportunity to help fund the development of 11 houses in Plymouth that is the site of a former hotel.
The Plymouth project is expected to pay investors 8% with the initial LTV at 70%. The term of the loan is up to 18 months. CrowdProperty has committed to provide up to £2 million over three different phases so there are two more to go (months 4 and 8). Much of the funding came via CrowdProperty IFISAs and SSAS pensions.
The borrower is described as an experienced developer and Director at the project SPV Millstone Land & Developments Ltd.
CrowdProperty says the developer was very pleased with the lending service provided by the P2P platform.
“Working with CrowdProperty means that I can focus on what I’m great at and they can sort the finance, quickly and simply. They’re a game changer.”
CrowdProperty will hold the first legal charge on the project as security and will phase development cost releases with the independently assessed progress on the project.
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