Pandemic inspires P2P innovations

Coronavirus has inspired some peer-to-peer lending platforms to introduce new innovations, such as virtual property tours and a retooling of existing products.

The House Crowd, which specialises in property development lending, has revealed that it is generating new leads through social media for potential buyers by offering a virtual 360-degree tour of its properties as well as a home-buyers guide.

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“This is to generate leads and interest in the site and get people involved in the sales process so that when this situation has ended and people are ready to buy property again, we will have a database of people there who are looking to buy properties,” said Frazer Fearnhead, founder and chief executive of The House Crowd.

“Inevitably the pandemic will slow things down, but we can still work in the background generating relationships and fielding enquiries.”

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Meanwhile, business lender Crowd2Fund has repurposed its revenue loan product for the coronavirus era.

The loan was initially created for seasonal businesses and allows borrowers to make smaller payments in the low season, and larger payments during peak operating months. It is now being offered to pandemic-stricken businesses which need finance but are struggling with uneven cashflow until lockdown restrictions are lifted.