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Peer2Peer Finance News | June 18, 2019

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CrowdProperty hits three milestones

CrowdProperty hits three milestones
Marc Shoffman

CROWDPROPERTY is marking three milestones after funding its 70th project.

The peer-to-peer property lending platform said on Tuesday that it has now lent more than £30m to help develop 500 British homes worth more than £80m.

“These landmarks are testament to the pains we are solving for both lenders and borrowers and also the wider need for housing supply in the UK,” said Mike Bristow (pictured), chief executive of CrowdProperty.

The platform has recently attempted to tackle the issue of loans getting funded too quickly.

It is trialling bid limits but said the introduction of more loans will also ensure more investors can take part.

Read moreCrowdProperty to launch auto-invest product

“We are taking this problem very seriously and have recently been trialling pledge limits for project launches for varying periods, which has enabled many more lenders to participate,” said Bristow.

“However we do need to balance the differing needs of all our lenders. The good news is that our lead indicator, the volume of applications for finance directly submitted to CrowdProperty, has hugely increased in recent months and we will be launching many more projects (each one having undergone the same rigorous and consistent due diligence) in the coming months.

“More projects enable broader diversification, typically resulting in lower pledge amounts per project and therefore more capacity for all lenders who wish to participate.”

Read more: CrowdProperty loanbook hits £25m