PROPLEND is planning on raising more money to help fund its growth after narrowing its losses last year.
The peer-to-peer property lender’s accounts for the 12 months to 31 December 2018, filed with Companies House, showed a loss of £585,242.
This is down from a loss of £861,531 in 2017.
Brian Bartaby, founder and chief executive of Proplend, said the platform had increased its lending volumes since last year.
“We have doubled our loanbook since raising money at the end of 2018,” he told Peer2Peer Finance News.
“The platform has been running at a profit for the past three months and we hope to raise more money to pursue our next stage of growth.”
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Proplend raised £638,000 through a crowdfunding campaign on Seedrs at the end of last year.
Bartaby did not comment on how the new funds would be raised.
Proplend has a loanbook of close to £80m.
In the first three quarters of 2019, the platform was presented with commercial loan opportunities totalling more than £300m, of which it opted to fund £25m.