PEER-TO-PEER property platform Propifi has exceeded its crowdfunding target by raising more than £250,000 in under a month.
Propifi has attracted more than 300 investors to its Crowdcube campaign – launched at the end of July – raising £257,650 as of the beginning of this week.
The funds raised on Crowdcube will be used for its one-year plan, which includes Financial Conduct Authority registration as well as web, app and platform development.
“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,” the Propifi pitch on Crowdcube said.
“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.”
Propifi 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”.
The platform offers investors returns of between eight and 12 per cent from property developers in need of short-term loans secured against property.
Read more: Navigating through the P2P property maze