CrowdProperty reports strong growth despite economic climate
CrowdProperty said it has grown its new facilities agreed by 55 per cent in the last 12 months, as it celebrates the funding of 3,000 homes to date.
The peer-to-peer development lender said it “continues to support determined property developers with their projects” despite challenging macroeconomic conditions.
Rising interest rates and slowing demand for housebuilding have created challenges for the sector.
CrowdProperty said that finance is cited as a key barrier to progress with property schemes, which can be due to lenders’ lack of understanding about property development.
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The platform, which is currently undergoing its fourth fundraise on equity crowdfunding platform Seedrs, said that it has completed 700 projects to date.
“With 43 per cent of our lending with developers who have borrowed more than once, we can be certain that our proposition meets the needs of the market and are keen to work with more developers to realise their business goals,” said Mike Bristow, chief executive of CrowdProperty.
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“We continue to innovate our product offering to meet the changing needs of our clients and intermediary partners, whilst also delivering strong returns to investors.”
CrowdProperty launched its Seedrs fundraise earlier this month and has now reached 94 per cent of its target, having attracted £375,676 from 352 investors so far.