CrowdProperty funds £925,000 project in under 10 minutes

CROWDPROPERTY has funded a £925,000 residential property project in under 10 minutes, with almost half of investors’ funds coming via tax-efficient vehicles.

The peer-to-peer property platform said that 113 lenders had funded the project, which will build 11 houses on the site of a former hotel in Plymouth.

Almost half of the funding came through CrowdProperty’s Innovative Finance ISA and Small Self Administered Scheme (SSAS) pensions, the platform said.

The borrower is an experienced developer and director at SPV Millstone Land & Developments.

Read more: CrowdProperty raises £900,000 via Seedrs

CrowdProperty said it has funded £1,222,000 in just 13 minutes 28 seconds this week, with 60 per cent of projects launched this year having been funded in under half an hour.

The platform started trading in 2013, connecting investors with property developers and professionals in need of funding. The platform holds first charge on the loans, which range in size between £200,000 and £2m.

It launched its Innovative Finance ISA in February, offering target returns of up to eight per cent.

Co-founder Mike Bristow was named chief executive on 1 May, taking over the reins from fellow co-founder Simon Zutshi who moved into the chairman role.