Shojin hits funding target for two new projects
PROPERTY crowdfunding platform Shojin Property Partners has hit its fundraising target for its two latest developments.
Shojin has raised £1.63m from 38 investors for crowdfunded projects in Southend-On-Sea and Hampshire.
The Hampshire project, which comprised a bridge loan secured against a detached, residential property, took just five days to reach the funding target of £189,000, Shojin said.
50 per cent of the money raised was from cash ISAs, which were transferred in using the platform’s Innovative Finance ISA, the London-based firm said. Over 80 per cent of the investors in the project were UK based with 20 per cent being international investors.
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Investors can expect to receive annual returns of eight per cent with a loan term of 12 months.
The project in Southend-On-Sea, which was an equity raise securing £1.44m, will see the development of 49 residential flats, two ground floor restaurants and basement parking in a seafront location.
“We are delighted with the response we’ve had from investors for these two crowdfunding investment projects,” said Jatin Ondhia, chief executive of Shojin Property Partners.
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“Many investors are disillusioned with traditional buy-to-let investment, thanks to the government’s crackdown.
“We have seen a sharp increase in investors diversifying into property crowdfunding, having previously invested in buy-to-lets, together with cash ISAs.
“Since the launch of our crowdfunding platform, we have seen investors from different walks of life and across a broad age range, investing in our projects, from as little as £5,000.
“We now offer investors the opportunity to invest across the entire property spectrum.”
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