CrowdProperty lends over £50m to SMEs
The specialist peer-to-peer lender has lent over £50m to SME property professionals, after a record month of nearly £5m of lending.
Based in Birmingham and headed by Mike Bristow, CrowdProperty has developed an online platform that facilities loans between private individuals and property businesses. Development proposals are vetted by a team of in-house property professionals, before being approved and released for finance to the public.
Bristow believes SME property developers are “poorly served by traditional lenders” but are “increasingly important in tackling housing under-supply”.
The news comes shortly after two launches of dedicated funding products for Modern Methods of Construction and development joint ventures on the platform, which CrowdProperty claims are market firsts.
Since its inception in 2014, CrowdProperty has funded the development of over £120m of property and 700 homes, enabling over £40m of spend on labour, materials and services in the UK economy. The company has a 100% capital and interest payback track record through 5 years of lending, paying back over £18m to date.
Bristow commented: “These milestones validate the power of the CrowdProperty solution in solving the fundamental pains evident in the sector for both lenders and borrowers, as well as the wider UK housing market.
“The business is underpinned by technology for speed and efficiency as well as deep expertise for effectiveness. We have a strong pipeline of projects ahead, all meeting our specialist property team’s exacting standards.”