CrowdProperty joins Bridging Loan Directory
By Joanne Atkin -
Specialist property project online lending platform CrowdProperty has joined the Bridging Loan Directory to get the word out that its business is thriving.
Since the Covid-19 lockdown in March, CrowdProperty has seen further increases in property professional borrowers seeking funding from its online lending platform.
With other funding sources drying up due to coronavirus, more and more SME developers have been turning to CrowdProperty for new facilities and current facility refinances.
60 projects have funded since lockdown began, as a result of the reliability of diverse sources of capital (12,000 retail, high net worth and institutional investors earning up to 8%).
CrowdProperty has a track record of lending £100,000,000 since 2014 with 100% capital and interest payback from completed projects.
CrowdProperty lends with speed, ease and certainty on a wide range of residential projects throughout the UK including new build, commercial to residential conversion and refurbishment projects, with specialist products around development exit, airspace development and modern methods of construction showing a finger on the pulse of developers’ needs.
The business will consider all property types and construction methods with loan terms ranging from six to 24 months.
Using their in-house developed technology platform for efficiency and deep development expertise for effectiveness, each borrower is appointed their own case manager who will discuss the project and funding requirements to make sure it will succeed.
Although CrowdProperty has had to tighten up its lending criteria since coronavirus emerged, the case managers will work closely with clients to best structure the funding package, and then support the project throughout.
Once the funding decision gets the go ahead, the borrower has the opportunity to present their project in a pre-recorded 20-minute Q&A session covering the most common questions investors are likely to ask.
The presentation goes live on CrowdProperty’s website 24 hours ahead of funding going live, alongside a detailed description of the project, exit strategy and financials, and can be used as part of the investors’ due diligence.
CrowdProperty was launched in 2014 by three property development investors who experienced many barriers in finding funding for their own projects.
So they decided to set up their own lending business, centred entirely around the needs of SME property professionals, to help them grow their businesses quicker.
CrowdProperty is now one of the UK’s leading specialist property project online lending platform, funding over 250 projects worth almost £200 million – although deems this as just the start in unlocking the potential of SME developers to deliver much needed UK housing and increase spend in the UK economy on labour, materials and services.
Mike Bristow, CEO and co-founder of CrowdProperty, commented:
“We are building long-term relationships with our borrowers, changing the transactional, hidden-fees, ‘milk this loan’ game that plagues the property project lending market.
That’s fundamentally why our borrowers keep returning to fund their next project with CrowdProperty – we’re a true, long-term funding partner and become a valued part of their team, adding value throughout their projects with our team’s hands-on, on the ground experience having been SME developers ourselves.
Our partnership approach has been brought into focus during the recent pandemic – we have been working closely with our existing borrowers, our existing pipeline and new quality project applications as we recognise that working together always produces the best outcome for a project, sharing a common goal with our borrowers – to finish and exit the project successfully.”
Joanne Atkin is an award winning, freelance journalist and has written for both trade and consumer press. She is the former Editor of Mortgage Finance Gazette, What Mortgage and The Money Pages and has previously worked for a major lender.