CrowdProperty hits £800m housing milestone
CrowdProperty has funded more than £800m in property projects, in the latest milestone for the peer-to-peer lending platform.
The property lender told investors that it funded £100m in property development projects during the last quarter, bringing the total value of its funded projects to £800m.
£462m worth of facilities have been agreed, and £359m has been lent to borrowers to date. More than 3,400 properties have now been funded by the P2P lender.
Read more: CrowdProperty named one of UK’s fastest-growing companies
Damon Walford, chief commercial officer at CrowdProperty, said that the platform’s success is down to its property expertise and due diligence capabilities.
“CrowdProperty’s in-house property expertise is well-regarded in the market, meaning the business receives over a billion pounds of applications every quarter,” said Walford.
Read more: CrowdProperty celebrates record August and £200m paid back to investors
“We are able to understand and progress viable development projects – no matter the complexity or stage of development – funding reliably at volume thanks to multiple sources of institutional capital.
“We remain well placed to continue our growth trajectory for the remainder of 2023 and into 2024.”
Some of CrowdProperty’s recently funded projects include a £490,000 bridging loan to purchase a property in Chepstow; a development finish and exit loan of £835,000 for the completion of the final five plots of a nine-unit scheme in Huddersfield; and a commercial to residential conversion loan in Aberdeen, requiring £1.43m to develop 17 apartments.
Read more: CrowdProperty wins ‘most shortlisted platform’ ahead of P2P Finance Awards