Update: P2P Lender CrowdProperty Surpasses £900,000 During the Final Days on Seedrs

Peer-to-peer property lender CrowdProperty is set to close its equity crowdfunding campaign on Seedrs with more than £900,000 in funding from over 500 investors. The campaign, which launched last month,  quickly topped the minimum target of £600,000 for a 3.68% equity stake in the platform. The online lending platform has a pre-money valuation of £15.7 million.

As previously reported, CrowdPropert promotes investments that return up to 8% per annum noting that, to date, the investment platform has not experienced any loss of capital for its investors. The lender also offers an IFISA providing tax-free returns and for borrowers, CrowdProperty offers short term loans at a current rate of 0.62% to 0.88% for credit from £100,000 to over £5 million. Funding decisions may be made in under 24 hours. While sharing more details about the company’s growth, Mike Bristow, Chief Executive of CrowdProperty, recently stated:

“Since then we proved that we can rapidly scale the business with investment, building up an exceptional rate of direct origination of quality property projects. This, coupled with the recent £100 million backing from a major institution and an engaged base of retail lenders, provide very strong lead indicators for our next phase of growth. SME property developers are poorly served by traditional lenders yet are increasingly important in tackling housing under-supply and developing the c.300,000 homes needed every year to meet the nation’s demand.”

In regards to what the funds from the Seedrs round will be used for, CrowdProperty went on to add:

“We’ve proven that we can grow the team and deliver value-enhancing growth. We are very clear about the key areas of the business to grow to unlock growth – predominantly on the borrower-side (currently 6 FTEs). The evolution of our proprietary platform can be predominantly delivered by the current team (currently 6 FTEs), with 1-2 specific additional recruits to build identified proposition developments (lender and borrower side) and further operational efficiencies. We believe we can triple our lending again with a team growth from 24 to c.34, i.e. realise significant scale benefits from the core team, systems and processes we have in place.”

CrowdProperty’s Seedrs campaign is set to close on April 15th.

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