Proplend has reported a busier-than-expected ISA season, despite challenging macroeconomic conditions amid the pandemic.
The commercial property peer-to-peer lending platform revealed in a customer update that it had seen investors replace money taken out of their flexible Innovative Finance ISA (IFISA) before the end of the last tax year.
Flexible ISAs enable investors to take out and replace funds within the same financial year, without it impacting their tax-free allowance.
Proplend also revealed that it had seen investors subscribe to this year’s ISAs, almost as soon as they became available.
The firm said that it is still accepting ISA transfer requests digitally.
Last week Proplend announced it had been forced to scrap its plans to launch a coronavirus business interruption loan scheme IFISA because the loans must be funded by institutional money.
It also gave details about the ways it communicates with investors during this time of uncertainty. These include the addition of the history section to each loan; daily loan interest updates through its messaging board; and regular lending updates.
Proplend recently predicted that stock market volatility could drive new investors towards commercial property.