CrowdProperty repays £10m to investors since lockdown began
Despite the Covid-19 crisis, CrowdProperty has repaid £10m in capital and interest to lenders since the lockdown began in March.
The peer-to-peer property lending platform has now paid back over £45m to investors to date.
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“We have been working closely with our existing borrowers, our existing pipeline and new high quality project applications as well as supporting developers who have had funding offers/ drawdowns cut when the majority of lenders in the market closed (largely due to many having single wholesale sources of capital with broader exposure to equity market volatility),” CrowdProperty said in a blog on its website.
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CrowdProperty said that the platform received over £200m in project applications in July and in total has now assessed over £3.6bn worth of projects across more than 4,200 applications.
Out of this, the lender has funded almost £100m, which equates to fewer than three per cent of applications.
The platform said this was due to its tough criteria which it has tightened during the crisis.
“With ever-tightening criteria, we are more particular than ever about the carefully curated, quality lending opportunities listed on the platform, drawing on our data, analytics, market knowledge and deep expertise to predict, mitigate and manage risk on behalf of our lenders,” CrowdProperty said.
In July, the platform surpassed £80m lent to small- and medium-sized enterprise property developers.