Peer to peer property lender CrowdProperty announced on Thursday it has funded its 50th project. The latest milestone comes just a little over a month after CrowdProperty surpassed £20 million in funding for property projects. The 50th project raised £867,000 for a 24-bedroom House of Multiple Occupation (HMO) in Somerset, 20 minutes drive from the Hinkley Point Power Station development.
As previously reported, CrowdProperty was founded in 2014 and is described as a peer-to-peer lending platform designed to facilitate loans between private individuals and professional property businesses.
“CrowdProperty is for two different groups of people. First and foremost we work with you, the lender, to help you get high returns for the money you pledge. Secondly, we work with carefully curated UK property developers, or borrowers, that wish to borrow money from our crowd of lenders to make their property project happen. All the projects you’ll see on CrowdProperty are put through a robust screening process by our team of property experts to ensure it’s a robust opportunity for you.”
CrowdProperty reported it has now raised £23,000,000 for property professionals, £11,500,000 of which has been in the 2018 year to date. To date, the online lender has funded the development of 392 Great British homes.CrowdProperty offers retail lenders:
- 8% per annum interest (tax-free if from the CrowdProperty ISA)
- 100% capital and interest payback track record
- Just like a mortgage company, it can repossess on behalf of the Crowd should the Borrower default on the loan – by holding the ‘1st legal charge’ to protect lenders
- FCA regulated and authorized
- Short loans of 6 to 24 months in length
- Minimum loan size of just £500
- Tax-free lending through the CrowdProperty ISA and SIPP/SSAS pensions