Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
frazer-fearnhead-colour
May 22 2018

The House Crowd looks further north to boost loan opportunities

Marc Shoffman Property Frazer Fearnhead, loans, p2p, property, The House Crowd

THE HOUSE Crowd has launched in Scotland as part of a range of changes to boost its lending.

The peer-to-peer property platform, which focuses on lending towards property projects mainly around northern areas such as Manchester and Liverpool, said the number of loans on the platform had fallen due to a tightening of criteria and a glut of poor applications.

Frazer Fearnhead (pictured), founder of The House Crowd, said this was being addressed by increasing marketing activity and expanding the introducer network to bring in more enquiries.

The platform has also entered the Scottish market, where Fearnhead said there has already been a “sharp increase” in enquiries.

He said processes and personnel were also being put in place to expand its offering to third-party small developers.

Fearnhead added that the platform, which launched an auto-invest option earlier this year to work alongside its manual offering, receives 80 enquiries a month from borrowers and around half fit the criteria.

He explained that around 15 are dismissed after reviewing applications and loan offers are made on the rest subject to a surveyor valuation.

“A fair number either fall off the radar at this stage or the valuation rules them out,” Fearnhead said.

“We have by now whittled the original 70-80 applications down to about 14 that then undergo our comprehensive due diligence process.

“Typically, that process will discover un-resolvable issues in about half of those remaining. We are, therefore, left in a typical month with around eight deals.

“In that last few months the amount that we have received at the top of the funnel have been of poorer quality than usual and therefore reduced the number that we are able to offer, but we are taking action to counteract this.”

Read more: The House Crowd hits £50m target

Read more: FCA applications have cost the P2P sector up to £2m

Honeycomb NAV soars after share sale Millennials dominate European P2P lending

Related Posts

money UK

Industry News, News, Property, Top 3

The alternative lenders accredited for CBILS

Anti-Flu Masks. Date: 1920s

News, Property, Top 3

Brickowner chief predicts 1920s-style property boom

ADAPT word written on wood block. ADAPT text on wooden table for your desing, concept

Industry News, News, Property, Top 3

LendInvest is “better placed” to adapt to more lockdowns

Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by