Property backed peer-to-peer platform CrowdProperty has reassured investors that it is open as usual and working with borrowers to mitigate the risk from Covid-19.
The platform has contacted all of its borrowers to ensure they are prepared for any possible disruption caused by the pandemic.
CrowdProperty said all the usual borrower-side processes, including the processing of drawdowns for their projects, will have the same service level they have grown to expect from the platform.
All borrowers have also been advised to review their supply chains and identify any areas of potential impact.
“This is something we are working with them closely on and our borrowers have already implemented / are implementing new working practices,” said a spokesperson for the platform.
Some of these working practices include: splitting teams on site; using separate amenity blocks; staggering travel hours, working hours and breaks; and the provision of hand sanitiser.
The platform has also isolated an area for suppliers to offload materials with a separate protected signatory area. It is also holding an increased number of supplies on site and at alternative points.
CrowdProperty said these processes are being reviewed daily and if they need tightening further this will be implemented immediately.
The platform added that its project pipeline remains strong, but it will continue to monitor these projects and said if borrowers or investors have questions or feedback they should contact the platform.
While the company has opted not to enforce a full office closure, its team are able to work from home if required.
CrowdProperty added that the real estate market should remain largely unscathed by the coronavirus-led economic crisis.
“Strong pent-up demand following extended periods of uncertainty has been clear to see this year to date, with property transactions nationwide seeing significant year-on-year increases and agents reporting even higher viewings growth rates,” the spokesperson said.
“February was the fifth consecutive month of UK house price growth – the first time this has happened since early 2016.
“At CrowdProperty, we back quality property professionals supplying under-supplied nationwide domestic demand at mainstream price points – i.e. tackling the structural shortage of housing stock in the UK.
“This demand will be enduring and reinforces that at whatever part of the cycle, first-charge security, which is always the case with CrowdProperty, is paramount. In times of stock market volatility, robust well-secured debt products are attractive to an even wider range of investors.”