British Pearl’s chief executive has said that the property investment platform is still open for business, despite preparing its portfolio for sale on the open market and suspending interest payments to investors.
Ali Celiker, founder and chief executive of British Pearl, told Peer2Peer Finance News that the platform is still accepting new customers, and new investors can register and purchase shares or loans in the resale market.
However, no new property investments will be added to the platform until after the coronavirus crisis has passed.
“We will bring on new property investments at the right time in the future, when the market is more stable with better prospects,” Celiker added.
“We do not have any new property investments planned for the immediate future.”
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Earlier this week, British Pearl told its investors that it had made the decision to stop interest and dividend payments and sell its property portfolio due to the risks presented by the coronavirus pandemic. Celiker pointed to rising unemployment and the ban on evictions, which increases the risk to rental income receipts.
“Currently the average duration of our investment portfolio is two and a half years,” explained Celiker.
“It is our opinion that there is a high probability that over this period the economy and the property market could deteriorate further.
“In short, there is very high downside risk hence our decision to start marketing the portfolio now.”
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