CROWDPROPERTY has hit the £50m lending milestone, while the property lender celebrates a record month.
The peer-to-peer lender, which offers a range of property finance products including development finance and bridging loans, said on Tuesday that it has funded its 121st loan, during a record month of nearly £5m of lending.
CrowdProperty has paid back more than £18m over the past five years since it launched.
“These milestones validate the power of the CrowdProperty solution in solving the fundamental pains evident in the sector for both lenders and borrowers, as well as the wider UK housing market,” said CrowdProperty chief executive Mike Bristow.
“Property professionals come to CrowdProperty not because it’s a P2P lender but because we’re building the best property project lending business in the market to service their needs best – as expert property people offering property finance. The business is underpinned by technology for speed and efficiency as well as deep expertise for effectiveness, becoming the lender of first resort for quality property projects being undertaken by quality property professionals, curated from £1.7bn of funding applications per year.”
The announcement comes shortly after CrowdProperty unveiled the launch of two new products, for borrowers using different types of construction and developer partnerships.
One of the new products is called Modern Methods of Construction (MMC) Finance that covers building with alternative materials such as modular, structural insulated panel products and insulated concrete form (ICF).
The other one is a Development Joint Venture Finance product that caters for situations where the developer and an asset owner work together on projects.