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Having today fully funded the 47th project on the CrowdProperty platform, a total of £20,526,000 has now been raised for the development of 307 homes, demonstrating the potential that CrowdProperty has to materially contribute to the much needed housing supply across the UK as it continues its growth trajectory.
Most importantly, CrowdProperty has a 100% track record in repaying lenders’ capital and interest. Across 23 projects, £9,170,000 including £791,000 of interest has been returned. Of the 24 active loans, none are overdue.
CrowdProperty differentiates from other property peer to peer lending platforms by:
Always taking first charge security (just like the repossession rights a mortgage company holds over a residential home)
Having unparalleled expertise at the heart of the business, meaning projects are assessed with deep, hands-on specialist property experience
Attracting the best projects with very competitive interest rates, taking market share from incumbent banks by means of exceptional customer service, knowing what property professionals need (not funding low quality projects who cannot raise finance elsewhere at high rates)
Originating projects directly meaning more efficient economics for all, open lines of communication and the building of long-term trusted relationships with property professionals
Being an independent marketplace, only ever funding third party projects
Offering upmost transparency on the project, the borrowing entity and the people involved in the project
Holding webinars on every project to enable lenders to ask borrowers questions above and beyond the comprehensive information provided
Having a 100% track record in repaying lenders’ capital and interest
Having no late loans in the active loan book
Being directly authorised and regulated by the FCA
Mike Bristow, CEO of CrowdProperty believes that “fundamentally, we are solving major pains being experienced on both sides of our marketplace. On the one hand, property professionals are receiving appalling service from traditional funding providers, especially in terms of ease, speed, expertise and access to decision makers, all of which are pivotal to our proposition. On the other hand the general public are mostly getting sub-inflation returns on their savings – according to the Bank of England there is £1.3tr in savings accounts earning on average 0.8% interest. The big reason we can offer higher returns of 8%, is because of our structural cost advantage. We don’t have the high cost bases of traditional lenders, which include, for instance, their branch networks, origination costs and legacy IT systems and if we introduce interest rate changes, it is always applied to both sides of the marketplace. We attract high quality funding applications giving our lenders an excellent range of opportunities to earn 8%, first charge secured returns. The CrowdProperty ISA then adds a tax-free cherry on top of the cake.”
The future is bright for CrowdProperty as we work tirelessly to deliver a better deal for lenders and borrowers whilst enabling much needed housing supply.