Proplend hits £200m milestone
Proplend has hit the £200m lending milestone.
The peer-to-peer commercial property lending platform announced that it has funded the amount across 226 loans to date.
The milestone was met with a £1.4m loan secured against a mixed use office and industrial unit in Redditch, UK.
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“We could not have reached this milestone without the support of our loyal lender base who invest their hard earned money across the platform on a loan by loan basis and the dedicated Proplend team” said Brian Bartaby, chief executive of Proplend in a post on LinkedIn.
“Property finance has historically been a cumbersome and paper heavy transaction, at Proplend we leverage technology to improve efficiency without increasing the underlying risk of the transaction.
“We look forward to the next £200m.”
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The funding milestone comes after Proplend revealed that it had reached profitability in its latest full-year results.
The lender made a profit of £130,497 in 2022, after reporting a loss of £148 during the previous year. Bartaby said that the financial results are a credit to his team.
“Going from break even in 2021 to profitable in 2022 reflects the hard work and experience of the Proplend team,” Bartaby said.
Proplend, which launched in 2014, offers investors annual returns ranging between five and 12 per cent, with the option to hold loans in an Innovative Finance ISA wrapper.