Property investment platform CrowdProperty reports that it has just completed the financing of a development projection Somerset to the tune of £9.05 million.
According to an email, the project includes the construction of 69 dwellings, of which 35% will be affordable housing, on a 5.04 acre site in Minehead, Somerset. The loan financed by individual investors is for a term of 18 months and
CrowdProperty can provide financing for developers of up to £10 million.
Andrew Hall, Property Director at CrowdProperty, described the project as another example of the firm funding small and medium-size developers to build more homes:
“As property finance by property people, we understand the needs of developers and work to address the funding pains in the market. Our mission is to transform property finance to unlock the power of property developers, focussing on funding quality development projects in liquid markets serving domestic demand at mainstream price points being undertaken by quality small and medium sized property development businesses throughout the UK.”
To date, CrowdProperty reports having originated almost £200 million worth of property projects backed by over 17,000 investors while claiming a 100% payback. CrowdProperty provides returns of up to 8%, backed by first charge security.
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