Online platform Proplend gave its 2018 peer-to-peer (P2P) property lending year in review. The lender listed the various accomplishments that the lending industry experienced in the past twelve months. The accomplishments are the following:
- Over £50 million lending now facilitated through the platform and over £100 million commercial property funded
- More than £20 million ‘returned’ to Lenders including more than £16m capital repaid over £4 million interest (much of it tax-free via IFISA and pension investment)
- Increased loan origination – 24 loans originated in 2018 with a current active loan book of £35m. A productive first year working more closely with the National Association of Commercial Finance Brokers (NACFB), but with more direct loan inquiries fielded too
- Despite a couple of loans repaying late, still no technical loan defaults or investor losses in over 4 years. 12 loans were repaid in full in 2018 with Proplend’s average loan to value remaining around the 60% mark
- Having been rated 4-star since our first review almost three years ago, Proplend now has an overall 5-star rating on Trustpilot.
- Proplend’s ‘Auto Lend’ facility launched in August, which is now offering a ‘hassle-free’ automated allocation alternative for our safest Tranche A loan investments.
- Proplend’s secondary loan market (PLE) continues to offer liquidity and diversification opportunities to both existing and new Lenders.
Proplend also announced its plans for 2019:
- Proplend’s expanding the team to help increase origination to satisfy our growing Lender base.
- While manual loan selection and investing remains popular on Proplend’s new Auto Lend facility has been well used.
- With so many new and existing Lenders opening a flexible ISA with its lending platform, Proplend wanted to help individuals keep track of their net subscriptions and flexible (returnable) withdrawals.
- Having fed back on the proposals in late 2018, Proplend’s eagerly awaiting the FCA policy statement on P2P lending.