CrowdProperty Australia raises AUS$1.2m in funding round with two days to go
CrowdProperty Australia’s fundraising campaign has already surpassed its minimum target and raised AUS$1,211,528.40 (£637,201.32) from 182 investors, with two days still to go.
The Australian offshoot of the UK peer-to-peer property lending platform is raising equity to grow its business over the next two-year period.
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“In 2023, we intend to expand our borrower team to unlock our pipeline, and increase our marketing to attract more retail, wholesale, and institutional investors,” the platform said in a blog post to investors. “We will also invest in new products for affordable housing, specialist products like specialist disability accommodation (SDA), and modern methods of construction.
“We’re using the latest technology to build the leading non-bank lender for small-scale developers. With your investment, we believe we can become a dominant player in the market within just a few years’ time.”
In May, CrowdProperty Australia launched the seed round with crowd-sourced equity platform Birchal to expand its borrower base, as well as to increase marketing activity.
Read more: CrowdProperty hires Mark Davidson as head of loan management
CrowdProperty Australia was launched in 2021, and has attracted over AUS$570m in small loan applications and has made AUS$16m in funding facilities available. All of CrowdProperty Australia’s project loans are secured by first mortgage, and retail investors can earn up to 8.5 per cent per annum. The minimum initial investment in a new project is AUS$2,500 and AUS$500 after that.
Both CrowdProperty UK and CrowdProperty Australia have a 100 per cent record of returning total capital and interest to lenders.