CrowdProperty has only approved 2.7 per cent of applications for property finance made to the peer-to-peer lending platform - Peer-2-Peer Finance News, 5 February 2020: https://www.express.co.uk/life-style/property/1230609/house-prices-uk-rightmove-sale-index-news-latest
Chief executive Mike Bristow said the Birmingham-based firm has considered around £2.2bn of deals but only lent around £60m.
He said having such a large sample under consideration provides more data to learn, compare and contrast in order to make “superior decisions”.
Bristow said this makes using a professional to source properties better than doing it yourself.
“You need a brand that attracts strong deal flow,” he wrote in a LinkedIn post.
“That is what we have done uniquely – building a direct-to-developer brand that attracts billions of pounds of applications.
“We’ve seen £2bn of applications and funded just under £60m.
“That’s selective, plus we’re currently reviewing over £150m per month of directly originated applications, giving us more and more data every month to ensure that we are selecting the very best projects for the platform.
“This creates a virtuous circle, as a bigger universe of projects from which to originate provides more data to base our selection decisions on, which therefore have a higher probability of success.
“CrowdProperty consequently has a 100% capital and interest payback track record. That, in turn, means that more people want to bring us their projects. And so it goes – onwards and upwards.”
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