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Peer2Peer Finance News | September 23, 2019

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Proplend hits £50m lending milestone

Proplend hits £50m lending milestone
Marc Shoffman

PROPLEND has outlined its plans to scale up the number and frequency of its loan originations, as it hit the £50m lending landmark.

The commercial property peer-to-peer lender, which launched in 2014, said it has facilitated more than 50 loans – each from more than 100 investors – and typically funded within 24 hours.

Brian Bartaby (pictured), chief executive of Proplend, said 20 loans have been fully repaid to date with more than £15m capital returned and £4m interest earned across the book – much of it within its Innovative Finance ISA or pension product.

Read more: Proplend and Archover join Bud club

“Attractive rates of return are commonplace for P2P lending, but it’s the steps we’ve taken to reduce capital risk that sets us apart from other platforms according to lenders and industry experts,” Bartaby said.

“Our perfect repayment record to date and the comprehensive due diligence we share with lenders has given many investors the confidence to trust all loans we list and enable our new auto-lend facility.

“With no investor losses and an average loan to value under 60 per cent so far, our safest tranche A investments offer even more comfort on capital risk, with lender exposure capped at 50 per cent loan-to-value.”

In recent months the platform has launched an auto-invest facility and is promising more change.

“We don’t intend to rest on our laurels or merely maintain our rate of growth,” Ben Butterworth, head of lender relations, said.

“We aim to push on in 2019 and originate more loans, more often, with the same high standard of due diligence – offering our lenders the same attractive, risk adjusted returns and even more ways to invest.

“We’re delighted with the overwhelmingly positive feedback we regularly receive from wealth managers, pension administrators, new and experienced investors alike.

“They’re impressed with the returns available given the security borrowers are expected to provide.”

Read more: Proplend’s Brian Bartaby on the IFISA