CrowdProperty has reported a record-breaking May, with £42m of property development projects funded.
This means that the peer-to-peer property lending platform has now funded the construction of 2,363 homes worth £503.2m with £277m of loan facilities.
“With an average project gross development value of £3.1m over the last three months, CrowdProperty continues to exceptionally support experienced property developers in their funding needs with our unique ‘property finance by property people’ positioning, and as a result is growing at an exceptional rate,” said Mike Bristow (pictured), chief executive at CrowdProperty.
“This rapid growth is only achieved by serving customers exceptionally, underpinned by a highly scalable, in-house built, proprietary technology platform, scalable diverse capital sources and deep expertise in exactly the asset class being lent against, ready to be operating at orders of magnitude larger than current funding levels.
“At the heart of the achievements to date is a passionate team of 55 (with an additional nine in Sydney) with a great culture and a shared cause to solve the pains of funding for property developers that is holding back much-needed housebuilding, especially from small and medium sized developers.
“This is still just the start of our potential in our mission to unlock the power of small- and medium-sized enterprise property developers in the UK and further afield to build more homes, increase spend in the UK economy, and to ever more efficiently and effectively match the supply and demand of capital for the benefit of all. Together we build.”
Read more: CrowdProperty swings into the black
CrowdProperty has had a busy year so far. The platform has set lending records in two of the last three months and in March joined the Financial Intermediary and Broker Association as a lending partner and launched second charge mezzanine finance product CP Capital.