FutureBricks passes £1m milestone in first year
PROPERTY-BACKED peer-to-peer lender FutureBricks has grown its loanbook to £1m in just one year since launching.
The London-based lender raised this total across seven projects, one of which has already been exited. Approximately 12 per cent per annum has been paid out in interest to investors to date.
In a note to investors, a FutureBricks spokesperson hinted that the platform is aiming to grow its loanbook to £100m by 2023, by attracting a mix of retail and semi-institutional investors.
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“The minimum investment by one lender was £500 whereas the maximum investment from another lender was £332,500 thus we have built various categories of retail and semi- institutional lenders,” said a FutureBricks spokesperson.
“That being said, we still have a long way to go! Only £99m of loanbook left for the next three-and-a-half years!”
FutureBricks offers development finance and bridge loans as well as making site acquisitions across the UK.
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“We have focused on a diversified portfolio for our lenders from varied interest rates to loan terms and by having different professional property entrepreneurs for each of these projects thereby minimising the overall risk,” said the spokesperson.
“Out of the seven projects, we have given an exit on one whilst on three of the others we have been providing regular monthly interest payments.”
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