British Business Investments today announces it has committed £15m to CrowdProperty, the Midlands-based specialist property development lender. This investment will help increase access to finance for small and medium sized housing developers and will support more housebuilding.
British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed more than £3.3 billion to providers of finance to UK smaller businesses.
CrowdProperty’s mission is to transform property finance to unlock the potential of small and medium sized property developers to build more, much needed and under-supplied homes. CrowdProperty’s customer-centric funding proposition and property expertise help developers grow their businesses more quickly. CrowdProperty has supported the development of more than 3,000 homes worth over £675m to date, throughout Great Britain, with 94% of lending in the regions outside of London.
Judith Hartley, CEO, British Business Investments, said: “Our commitment to CrowdProperty will help increase access to finance for smaller housing developers, particularly in the regions outside of London. Supporting independent operators such as CrowdProperty contributes to British Business Investments’ mission to increase the diversity and supply of finance for smaller businesses across the UK.’’
Mike Bristow, Founder and CEO, CrowdProperty, said: “We’re delighted to be adding British Business Investments as a CrowdProperty lending partner. This is another step forward for us as a business that was founded to better support the projects and developers that deserve funding. We look forward to seeing the partnership flourish over the long term, as we support more housebuilding and help increase spend in the economy on labour, materials and services.”