Proplend launches auto-lend facility
COMMERCIAL property peer-to-peer lending platform Proplend has introduced an auto investing feature.
The auto-lend facility will let investors target a return of five per cent, with funds allocated to Proplend’s least risky tranche A investments.
Once enabled, the facility will automatically invest all current and future available cash from new deposits, transfers, accumulated income and capital repayments until disabled.
It can be used in Proplend’s classic and Innovative Finance ISA (IFISA) account and will split funds between at least five loans, subject to the platform’s current £1,000 minimum investment and eligible loan availability.
Lenders funding their accounts with less than £5,000 will still be able to use the facility with each £1,000 available being allocated to a different loan.
Read more: Proplend and Archover join Bud club
“We’re delighted to bring the auto-lend facility to the platform to give our lenders more investment choice,” Brian Bartaby, founder of Proplend, said.
“We already offer a range of account types and tranche investments, so it’s a natural next step to give our current and prospective lenders the option of more passive, automated investing. It’s entirely up to them.”
“Our token-based queuing system means more lenders will get a bite of the cherry. Available cash in auto-lend enabled accounts will be allocated in turn, £1,000 per account at a time – so larger accounts won’t swallow-up large chunks of loans before all lenders have been able to invest. It should result in more lenders, invested in more loans, more quickly.”
Proplend investors will still be able to use manual lending on the platform, which currently offers average returns of 7.88 per cent.
Read more: Proplend’s Brian Bartaby on the IFISA
Read more: Proplend opens IFISA to new investors