PROPERTY Partner has appointed a new chief executive and has introduced new fees to the platform.
The peer-to-peer property investment platform, which crowdfunds projects and provides development loans, is now on its third chief executive in five years.
Chief financial officer Warren Bath has been promoted to chief executive, replacing Marshall King, who only took on the role from founder Dan Gandesha in April 2018.
King will remain as a non-executive director.
“Having been a shareholder of Property Partner since inception in 2014 and chief finance officer since April 2016, I am extremely excited to lead the company in the period ahead,” Bath said.
The platform is also introducing an account fee, which will apply to all its products including its Innovative Finance ISA, charged at £1 plus VAT from 5 August.
Investors in the crowdfunding projects will separately be charged an annual assets under management fee, at 1.2 per cent on portfolios valued up to £25,000 and 0.7 per cent on the portion of portfolios valued over £25,000.
Read more: P2P lenders braced for fee hikes
“Since the EU referendum in June 2016, we have tripled the size of our property portfolio,” Bath said.
“But the current environment presents significant challenges. The conditions for investment have tightened continuously, sustained by unprecedented levels of political and economic uncertainty.
“As a company, we have made important changes to strengthen our business model. We have extended our offering to student accommodation and development loans, and reduced the cost base of the company.
“But further changes are required to make the business more durable and drive returns for our clients.”