CrowdProperty expects to double 2019’s £30m lending figure by the end of 2020.
In 2017 the development finance platform lent £5.2m, the following year £15.4m and last year it reached £28.4m
Mike Bristow (pictured), co-founder and chief executive at CrowdProperty, said that the platform, which has originated £6.9m so far this year and £62.2m since its inception in 2015, has set its sights on doubling 2019’s figure, however, he emphasised that this depends on the quality of its deals.
“2019 was another big year of growth, not only in our lending but our revenue and team because we’re investing more and more and building a brilliant team and lending system,” he said.
“Our team now stands at 32 people. We’re based in the Midlands and therefore our fixed cost is lower, and we can build a better, stronger team than other platforms with a higher fixed cost base.
“Not only are we paying significantly less rent but we’re also in a pool of talent in Birmingham that is first and foremost very strong and secondly less completed, so we secure the best people for less and that’s one of the elements for us securing a better business.
“We pretty much doubled last year and may well double this year but we don’t set hard lending targets because it depends on the quality of the projects that we originate.
“We’re never going to lend to targets. We’re only going to lend on projects of the quality expected from us. We prioritise quality over growth and that’s the right way to run a lending business.
“Our unique origination channels are very strong and we’re finding quality projects to fund but are not setting internal targets.
“I wouldn’t be surprised if we around about doubled our lending in 2020 but it entirely depends on quality.”
This week CrowdProperty won two awards at the Midlands Business Awards, Midlands Innovation of the Year and Midlands Entrepreneur of the Year.
“That’s very nice recognition,” Bristow said. “We’ve been shortlisted and have won many awards but we are really proud of these two in particular because its recognition within the region we’re in and the Midlands Business Awards is not just about technology or property, fintech or proptech or even financial services, it’s every business sector and every business in the Midlands.
“It’s recognition on the truest spectrum of business that we’re at the forefront of innovating and there are brilliant people in our business.”