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Peer2Peer Finance News | July 19, 2019

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Proplend alters auto-lend functionality

Proplend alters auto-lend functionality
Marc Shoffman

PROPLEND has boosted its auto-invest product by giving lenders an option to customise how their money is allocated.

The peer-to-peer property lending platform launched an auto-lend facility in August 2018 and has unveiled new ways for investors to customise the option following user feedback.

From today (11 June), auto-lend investors will be able to choose the maximum investment per loan, subject to multiples of £1,000, choose which loan markets to allocate their money to, decide not to automatically reinvest capital, and invest in longer loans.

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“With the new functionality, auto-lend can be more things to more lenders, with a number of ways it can be used to enhance the Proplend experience – be it truly passive investing, personalising allocation criteria, priority-access for our safest investments in new loans, or simply added convenience,” an investor update from Proplend said.

The auto-lend facility lets investors target a return of five per cent, with funds allocated to Proplend’s least risky tranche A investments.

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.