Proplend has hit the £100m lending milestone.
The peer-to-peer commercial property lender’s statistics show it has funded £174m-worth of property and paid almost £10m of interest before fees and £45m of capital.
Brian Bartaby (pictured), chief executive of Proplend, thanked the platform’s staff as well as its borrowers, intermediaries, equity investors and lenders.
“For me, P2P property lending was never really a new industry, it was just a repurpose of a long term well-established institutional asset class of commercial real estate loan syndication,” Bartaby said in a LinkedIn post.
“Proplend just reduced the size of the loans being syndicated and increased the number of participants in each loan by lowering the barrier to entry.”
Bartaby promised more products for borrowers and lenders as the platform targets its next £100m of lending.
The platform said March and April were its busiest two months on the Proplend Loan Exchange (PLE) since its launch in 2017, but Bartaby has said this has improved and loans are now selling more quickly due to fewer investors trying to cash-out.