CrowdProperty, a property investment platform, has announced a new feature called Instant Decision in Principle (iDIP). This feature aims to speed up the financing process for developers.
The feature will be officially revealed at the Property Investor Show in London this weekend.
CrowdProperty explains that in the past, developers waited to receive a decision on financing. iDIP is designed to provide an immediate response to a financing decision. CrowdProperty says the process benefits from decades of data and over 15,000 funded applications representing more than £15 billion in funding requests.
Damon Walford, Chief Commercial Officer at CrowdProperty, described iDIP as a game changer. Property projects are time-sensitive and speed counts—especially when there is a competitive process.
“ During a recent pilot exercise, numerous property developers submitted multiple applications due to the exceptionally speedy response. We’re focused on accelerating funding provision, enhancing transparency and fostering long-lasting relationships with our clients. Our new iDIP leverages our extensive wealth of data insight and technological expertise, and the benefits for developers are a big stride forward within the overall property development finance market.”
The company added that iDIPs are powered by Building Underwriting Intelligent Lending Decisions (BUILD), an in-house automated deal appraisal system that uses data and analytics collected by the company.
Damon said the decision is unbiased and accurate on project risk.
Since 32014, CrowdProperty reports that it has funded the development of 3,551 homes across the UK, with £474 million in facilities approved. Currently, Crowdproperty displays that investors may earn up to 10.5% on first-charge securities.
