P2P platform CrowdProperty smashes £1m target
The peer-to-peer lending platform has raised £1.43m across four residential property development projects in the UK.
CrowdProperty secures all loans against a first charge such as a property.
Almost 2,000 people have become registered lenders on the platform since its launch, while 160 are now earning 10% per annum gross interest on their money for lending on current projects.
Simon Zutshi, founder director of CrowdProperty, said: “Passing the £1m target for lending is a key milestone in our growth strategy but we expect growth to accelerate significantly now that we have so many new, active lenders joining our crowd.
“With any new P2P proposition it is vital to ensure that early lenders build their confidence with real returns from solid projects delivering great value.”
The first property development on the CrowdProperty was a pub conversion, creating four residential flats and two commercial units.
It took 14 weeks to fund, but with a later development funding took just six weeks.
There are 650 potential borrowers registered on CrowdProperty, while almost 100 projects have already been submitted for consideration.