Proplend has revealed that it is operating profitably in the year to date after seeing strong demand from lenders and borrowers, as its latest annual results showed that it narrowed its losses in 2020.
The peer-to-peer commercial property lending platform posted a loss of £193,244 in the year to 31 December 2020, according to its latest accounts filed with Companies House. This was down from £238,800 in 2019.
Brian Bartaby (pictured), chief executive of Proplend, said that he was pleased that the platform narrowed its losses during a “tough year” for most and put this down to “careful cost management along with maintaining revenues”.
He added that Proplend is operating profitably in the year to date and has seen strong demand from both borrowers and lenders.
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“There was no hiding from the fact that 2020 was a tough year for pretty much everyone,” said Bartaby.
“But, I am pleased that the combination of careful cost management along with maintaining revenues, meant that once again we were able to reduce our losses year-on-year.
“As a platform, the team worked incredibly hard to ensure that all our lenders received the interest payments that they expected on time and in full, without having to burden them with any additional fees.
“2021 got off to a good start with strong demand from our loyal borrower and lender base and we have maintained that momentum. Year to date we are operating profitably, which is key to the longevity of the business.”
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