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26 July 2018
CrowdProperty, the property specialist peer-to-peer lender today funded a £925,000 residential property development project in 9 minutes and 51 seconds with 113 lenders. The project, in Plymouth, is the development of 11 houses on the site of a former hotel.
The borrower, an experienced developer and Director at the project SPV Millstone Land & Developments Ltd, said that the experience of working with CrowdProperty was “Outstanding”. He went on to say “throughout the whole process, CrowdProperty were incredibly easy to work with and did exactly what they said they would do. The customer service and care was so refreshing after decades of dealing with cumbersome processes at traditional lenders that would take up 90-95% of my time. Working with CrowdProperty means that I can focus on what I’m great at and they can sort the finance, quickly and simply. They’re a game changer.”
CrowdProperty’s view was that it is a well-planned development being undertaken by an experienced developer who has engaged a full set of consultants to deliver the project. As always, CrowdProperty will hold the first legal charge on the project as security and will phase development cost releases with the independently assessed progress on the project.
Almost 50% of lending to today’s project came via tax-efficient routes – from CrowdProperty IFISAs and SSAS pensions. Today’s raise means that CrowdProperty has funded £1,222,000 in just 13 minutes 28 seconds this week, with 60% of projects launching in 2018 each funding under half an hour. What’s more, CrowdProperty has built unprecedented pipeline of projects to satisfy the strong lender demand demonstrated by the speed projects funding.
NOTE: If desired, the quote from the borrower can be validated by him personally, he’d just rather his personal details were kept anonymous.
For further information, please contact:
Mike Bristow, CrowdProperty
020 3012 0161
Notes to Editors:
All loans are secured by a registered legal charge against property in the UK.
CrowdProperty Ltd is a company registered in England, with its registered office at Crown House, 123 Hagley Rd, Birmingham, B16 8LD (Company No. 08764786).
CrowdProperty is registered with the Office of the Information Commissioner (Reg no. PZA047468).
CrowdProperty is authorised and regulated by the Financial Conduct Authority registration number 723959.
CrowdProperty is not covered by the Financial Services Compensation Scheme
All new projects on CrowdProperty are put through extensive due-diligence and screening by a team of property experts to ensure they represent a robust and secured opportunity. Once it has been CrowdProperty approved, the project is added to the website’s projects section where private individuals (lenders) have the opportunity to pledge money. Contributions are paid directly to the Company’s solicitors and are only taken once the funding target is fully subscribed. Once the project is financed, it is carefully monitored by the CrowdProperty experts as it progresses to ensure money is being used correctly and the project is on target to reach or surpass its success criteria.
Sub-Editors – please note that CrowdProperty should always be written as one word with a capital C and P