Peer-to-peer property lender CrowdProperty will be closing its Seedrs funding round after surpassing £1 million in funding from close to 550 investors.
As previously reported, CrowdPropert describes itself as a platform that 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. Mike Bristow, Chief Executive of CrowdProperty, recently stated:
“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.”
Funds from the Seedrs campaign will be used for the expansion of the CrowdProperty’s platform. The funding round is set to close later this evening.
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