Peer to peer lending platform The House Crowd has surpassed £100 million of invested capital through its platform. The House Crowd said the past year has been pivotal for the platform as the UK property market slowed. The Manchester-based online property lender reported several new development projects across the North West as well as some new investment products.
Frazer Fearnhead, CEO of The House Crowd, said he was overjoyed to top the £100 million mark as it shows their investors have confidence in their mission to deliver reliable, consistent returns on property-backed investments.
“… it’s a sign of the progress we’ve made as a company over these last few years.”
The investment platform’s latest projects include The Downs, a £15 million development in the area of Altrincham, Greater Manchester. Phases 1 and 2 of the project raised £3,750,000 for the purchase and initial construction costs. The House Crowd said that additional fundraises will be launched every quarter with the build scheduled for completion in Q3 2020.
Another project is Chapel Walks in Manchester City Centre. The project involves the conversion of a period building to 14 apartments.
The target return for investments in each of these projects is 10% p.a.. Investors in each project benefit from the security of a first legal charge.
Fearnhead said these types of projects show exactly why it’s so important that platforms like ours exist.
“It’s always been assumed that property investment has a high barrier to entry – but with peer to peer property lending, there’s ample opportunity for everyone to benefit from high returns with good security. The UK is in the midst of a housing crisis, and we are providing much needed housing, whilst helping people to build their financial futures effectively.”
The House Crowd also offers a new Innovative Finance ISA, that is currently reporting a tax exempt return of 7% annually. The platform will also be able to offer SSAS and SIPP investments in its developments from April 2019.
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