Propifi, an upcoming UK-based peer-to-peer (P2P) property crowdfunding platform, has successfully secured its initial £250,000 funding target through its Crowdcube equity crowdfunding round. The campaign has so far attracted more than 300 investors.
As previously reported, Propifi is on a mission to provide a new, easy to use, peer to peer commercial lending platform to market, providing much-needed bridging finance for customers with an aim to deliver high returns of 8-12% for investors on the platform. The new portal was founded specifically to cater to the massive demand for bridging finance in the UK, and to satisfy the increasing appetite for P2P property finance in the face of stagnating traditional lending channels.
“Propifi aims to offer a fantastic opportunity for retail and first time investors to try their hand at bridge finance lending at any level. Our platform will showcase high quality, property development opportunities looking for short term loans against the security of their property. Better still, they’ll be hand-picked by our experienced management team. You’ll be able to organise your own portfolio and invest from the palm of your hand using our innovative app, with an optional cryptocurrency wallet also in development. Our return rates will vary between 8% and 12%, depending on the property development.”
Propifi also reported that it is aiming to do the following during its first year:
- FCA Registration
- Web, App and Platform Development
- Legal costs
- Operational overhead for 12 months
Funds the Crowdcube round will be used to continue the development of the Propifi crowdfunding platform. The campaign is currently set to close at the beginning of October.
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