PROPERTY peer-to-peer lending platform The House Crowd raised a record £1.3m in just 24 hours for housing developments in Greater Manchester.
This is the first time that the Manchester-based firm has raised over £1m in one day.
£1.2m of the funds raised will be channelled into the Egyptian Mill Development of 41 houses and 15 apartments in Lees, Greater Manchester. This offers investors a typical interest rate of 10 per cent per annum over a 15-month investment term.
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The remaining funds were invested in the House Crowd’s Innovative Finance ISA.
“Raising £1m in a single day is not just a confidence boost for The House Crowd and the service that we offer, but also for housing developments in the North West,” said Frazer Fearnhead (pictured), chief executive and co-founder of The House Crowd.
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“The numbers don’t lie – there is clearly a big appetite amongst retail investors for property development financing and peer to peer secured lending, which is exactly what we offer.
“It’s important that we keep up this momentum to continue helping solve two of the major problems within our society – the lack of quality housing and people’s difficulties in saving their money.
“If we can continue building much needed housing, whilst providing our members with a reliable way to build a nest egg for their retirement, then we are serving our purpose.”