PROPIFI has launched a £250,000 crowdfunding campaign on Crowdcube as it looks to finance technological development and regulatory approval.
The peer-to-peer property crowdfunding platform was launched earlier this year with the goal of allowing “retail and first time investors to try their hand at bridge financing at any level”.
Propifi offers investors returns of between eight and 12 per cent from property developers in need of short-term loans secured against property.
It says it is operating in growing UK market currently worth £4.5bn and its app will offer a cryptocurrency wallet.
“Propifi is founded specifically to cater to the massive demand for bridging finance in the UK, and to satisfy the increasing appetite for P2P property finance in the face of stagnating traditional lending channels,” said the Propifi pitch on Crowdcube.
“Our specialist team have been carefully selected in a market made up of 30 other key bridging lenders.
“We also aim to be not just lenders but project managers. We want to go beyond the brief and we have vast experience of getting deals agreed.
“Each and every development opportunity listed will be expertly qualified by our management panel.”
The Crowdcube campaign aims to raise £250,000 by the end of August and has already raised more than £156,000 from 87 investors.
Propifi said that the funds will be used for its one-year plan, which includes Financial Conduct Authority registration as well as web, app and platform development.
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