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Peer2Peer Finance News | September 23, 2018

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The House Crowd opens IFISA to transfers

The House Crowd opens IFISA to transfers
Marc Shoffman

THE HOUSE Crowd has opened its Innovative Finance ISA (IFISA) for transfers.

There are no transfer fees but the minimum amount that can be moved is £5,000.

Investors can earn seven per cent a year by lending through the peer-to-peer property platform.

Users cannot manually select their loans for the IFISA and the money is locked up for a minimum of three years before they can withdraw their funds, and a three-month notice period must be given to withdraw or transfer.

The platform was previously facing issues allowing transfers due to banks being cagey about providing client money accounts, but founder Frazer Fearnhead (pictured) told Peer2Peer Finance News it has now found a bank to provide this service.

It comes shortly after The House Crowd revealed it has entered the property development space, offering investors double-digit returns.

The firm is now offering loans of between £500,000 and £5m to development firms in the North West of England.

Loans can be taken for a maximum of 24 months with interest rates starting from eight per cent.

Investors can back the loans with a minimum of £1,000 and earn 10 per cent a year.

The House Crowd already has its development arm, known as House Crowd Developments, which has been responsible for a number of high-spec housing projects within the region, the platform said.