Commercial property lender Proplend saw its new loan volumes rise by 75 per cent in 2021, while loan repayment volumes were up by 80 per cent, year on year.
Describing 2021 as “tough”, Brian Bartaby (pictured), chief executive and founder of Proplend, praised his team for the company’s success.
“2021 was another tough year but the great team we have built at Proplend and our very loyal lender base helped drive this success,” Bartaby said.
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“While too many people write commercial property off based on media headlines, its actually had quite a good year. Remember commercial covers everything that is not residential, which encompasses nearly 15 different sub asset classes – that offers lots of opportunity.
“This, along with the launch of our new VAT loan product, gives 2022 a promising outlook.”
In an update to investors, Bartaby said that 2021 was “a relatively good year” for Proplend, despite underlying market uncertainty.
Throughout the course of the year, all lenders received 100 per cent of the interest that they expected on time and in full.
He added that Proplend is taking action on a few overdue loans, and the platform is engaging with borrowers to reduce the risk of late payments.