CrowdProperty Funds 600th Home, Tops £40 Million in Lending

Peer to peer property lender CrowdProperty has funded its 92nd project. In doing so, CrowdProperty funded its 600th home having lent over £40 million. In total, CrowdProperty pegs the aggregate value of the property at over £100 million

CrowdProperty highlights the fact that, to date, the crowdfunding platform has maintained a 100% record of repaying both principal and interest to platform investors. A total of £13,462,915 has now been paid back to lenders.

CrowdProperty reports that of the £101,000,000 gross development value funded, over £62,000,000 is being added to the value of UK housing stock with over £30,000,000 spent in development costs.

CrowdProperty supports “SME property professionals” by quickly financing projects. As the housing stock is constrained in the UK, CrowdProperty says this creates an economic benefit throughout the country, including Scotland and Northern Ireland where responsive and efficient SME property development lenders are even fewer and farther between.

Mike Bristow, CEO of CrowdProperty said the milestones are a testament to what they are solving for both lenders and borrowers and also the wider need for housing supply in the UK.

“Since 2014 we have relentlessly focused on solving these pains and have built deep expertise-led and tech-enabled robust systems and processes, disrupting the traditional property funding value chain to a unique extent,” said Bristwo. “This means we highly efficiently and highly effectively originate, match and secure the supply and demand of capital for quality property projects.

Bristow added that they are building a sustainable business that aligns with the “very best operating practices, including award-winning transparency, election to the top table of the sector in the P2PFA.”

“…our commitment to be held to account for the performance of every loan we originate through complete openness to independent third-party verification by Brismo, the market leading provider of lending performance data. Our expertise-led, high quality lending and strongly secured positioning will ensure we continue to stand out in delivering a better deal to lenders and borrowers alike for many years to come,” Bristow explained.

Commenting on the recent FCA announcement that rules for P2P lending will incorporate more rigorous oversight, Bristow said it is imperative to see increasing regulatory requirements coming into the peer-to-peer lending sector as it matures, furthering the UK’s global leadership in this exciting sector.

“The spectrum of operating rigour will be forced to close, meaning many will need to significantly improve or exit, leaving the best practitioners to continue to shine on a global stage.”

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