We’re pleased to announce that CrowdProperty today moved through three major landmarks after fully funding the 70th project on the CrowdProperty platform. CrowdProperty has now funded the development of 500 Great British homes, worth over £80,000,000 having lent over £30,000,000.
Importantly, since founding in 2014, CrowdProperty has a 100% track record in repaying lenders’ capital and interest, £12,650,000 has been paid back to lenders and there are no late loans on the loan book.
Mike Bristow, CEO of CrowdProperty commented that “These landmarks are the testament to the pains we are solving for both lenders and borrowers and also the wider need for housing supply in the UK. Since 2014 we have relentlessly focused on solving these pains and have built deep expertise-led and tech-enabled robust systems and processes which disrupt the traditional funding value chain. This means we highly efficiently and highly effectively match and secure the supply and demand of capital for quality property projects.
“Recently we have seen unprecedented levels of lender demand for the quality product we offer. This is thanks to our very strong 100% capital and interest payback track record and the fact that we uniquely have no late loans on our loan book over a material volume of lending. To illustrate, a £456,000 project was fully funded last week on the CrowdProperty platform in just 47 seconds. This might not sound problematic, but we appreciate that this level of demand can result in some lenders missing out, which is frustrating.
“We are taking this problem very seriously and have recently been trialling pledge limits for project launches for varying periods, which has enabled many more lenders to participate. However, we do need to balance the differing needs of all our lenders. The good news is that our lead indicator, the volume of applications for finance directly submitted to CrowdProperty, has hugely increased in recent months and we will be launching many more projects (each one having undergone the same rigorous and consistent due diligence) in the coming months. More projects enable broader diversification, typically resulting in lower pledge amounts per project and therefore more capacity for all lenders who wish to participate.”
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