UK-based peer-to-peer lending platform Proplend has added commercial property VAT loans, according to a release.
Proplend is an FCA-regulated P2P lending platform specializing in sub £5 million commercial real estate debt. To date, Proplend has completed over £130 million of lending and is rated by 4thWay as one of the top P2P platforms in the UK.
Proplend also said it has hired Peter Bloom, as a Non-Executive Director. Bloom previously founded BloomSmiths, a specialist VAT lending company. He is expected to assist in launching and growing their new VAT lending product.
Proplend founder and CEO, Brian Bartaby, said they are totally focused on commercial property:
“I have been keen to launch a VAT lending product to complement our existing commercial bridge and term loans for a while and meeting Peter was a very timely event. The way in which we operate and are funded means that borrowers will ultimately benefit from a cheaper overall transaction cost. Not only will we be the first platform to offer VAT loans, but we can also save borrowers both time and money by offering a senior debt and VAT loan combination. Peter’s 30 years of commercial property experience combined with his visionary VAT lending knowledge, is a very welcome addition to our small and entrepreneurial team.”
Bloom said that he was very excited to join the team and to assist with embedding VAT lending within a Fintech platform.
“Offering VAT bridge loans via Proplend’s technology platform is the next advancement in lending and could not have come at a better time.”