Less than six months after surpassing £40 million in online lending, UK based peer to peer lender in the property space, Proplend, announced on Monday it has now reached £50 million in online lending. According to the lender, all loans are commercial property backed, comprising a mix of bridging and mortgage lending risk-adjusted returns, which were funded by the lending platform’s growing band of Classic account, Pension account, and ISA “Lenders.” Proplend also revealed:
“By circumventing the traditional banking system, our Lenders have access to secured, inflation-beating fixed income returns whilst providing creditworthy commercial borrowers with an invaluable source of fast, flexible, interest only alternative funding. Having facilitated its first loan in 2014, Proplend has since accommodated over 50 commercial facilities, each loan typically funded within 24 hours by more than 100 participating Lenders. With a maximum loan term of 5 years, 20 loans have fully repaid to date with more than £15m capital returned and over £4m interest earned across the book – much of it tax-free.”
Speaking about the new milestone, Brian Bartaby, Proplend CEO and Founder, stated:
“Attractive rates of return are commonplace for P2P lending, but it’s the steps we’ve taken to reduce capital risk that sets us apart from other platforms according to Lenders and industry experts. Our perfect repayment record to date and the comprehensive due diligence we share with Lenders has given many investors the confidence to trust all loans we list and enable our new Auto-Lend facility.”
Bartaby went on to add:
“With no investor losses and an average loan to value under 60% so far, our safest Tranche A investments offer even more comfort on capital risk, with Lender exposure capped at 50% LTV.”
