CrowdProperty credits Birmingham base for second year of profits
CrowdProperty has credited its Birmingham base for helping it to achieve its second consecutive year of profits.
According to the company’s year-end financials, CrowdProperty returned an operating profit of £147,035 during the 2021/22 financial year. The platform said that it expects to post another profit next year.
Chief executive Mike Bristow said that this record would not be possible if the business was not based in the West Midlands.
“Whilst profitable and robust, the business continues to invest significantly in the long-term development of the in-house built proprietary technology platform, team capacity/capability and brand awareness amongst our target customer segments on both sides of the marketplace to ensure ongoing growth momentum through 22/23 and beyond,” said Bristow.
Read more: CrowdProperty pledges not to increase borrower rates
“We have a well-resourced, strong, committed and motivated team of 55 that we continue to invest in. our Birmingham cost base supports this better-resourced business -both for robust operations and the ability to invest in the strategic development of the business for future growth, all with the robustness of profitability – significantly more than if the business was based in capital.”
The financial report also revealed that CrowdProperty has delivered lending growth of 459 per cent through the last three financial years, while growing its revenue by 186 per cent. 43 per cent of its borrowers are repeat clients.
Read more: CrowdProperty reaffirms commitment to retail investors
“Becoming a long-term partner for developers was a primary reason we set this business up,” Bristow added.
Looking ahead, Bristow said that the business would proceed with caution during the recession, but still sees plenty of opportunities to lend and grow in the coming year. He said that he hopes to expand the CrowdProperty team and raise further equity capital.
The property lender recently reaffirmed its commitment to retail investors, following the departure of rival lender Assetz Capital.
Read more: CrowdProperty agrees loan via Brickflow’s new DIP broker product
