Peer to Peer Lending platform Proplend has become the latest bridging finance provider to join the Bridging Loan Directory.
Proplend facilitates interest only commercial bridging finance of £250,000 to £5m, for up to 18 months and 75% LTV (gross). Launched in 2014, platform borrowing of more than £40m (including up to 5-year ‘mortgage’ lending) has helped fund commercial real estate worth over £80m across England and Wales – with no loan defaults to date.
The underwriting team at Proplend, with more than 80 years industry experience between them, pride themselves on being fast, flexible and transparent – working that bit harder to offer an alternative funding solution for commercial property owners and brokers alike.
Last year Proplend became a Patron of the National Association of Commercial Finance Brokers and have been delighted by the warm welcome and number of enquiries from member brokers they have received. And NACFB member Charles Smith of Capital Money Solutions describes the borrower experience for Proplend’s most recent bridge in glowing terms:
“The whole process was first class” stated Smith. “Our client has mentioned it’s the easiest and most competitive loan he has completed in the last 3 years and will do the next deal with Proplend. We are trying to find another deal for the platform right now!”
Proplend founder and CEO Brian Bartaby, pictured, commented:
“Proplend has already accommodated a wide range of circumstances and commercial property types but is always open to listening to new and unusual borrowing requirements We recently shared the case study on Bridging Loan Directory where we accommodated a loan from enquiry to drawdown in less than 7 days. Our most recent £650,000 bridge introduced by Capital Money Solutions was fully funded by 150+ Lenders in just 17 minutes.
Clearly there’s plenty of appetite for bridging loan returns and shorter loan terms amongst Proplend lenders, so there’s plenty of appetite for us to get creditworthy borrowing requests listed on our platform. With both institutional and individual Lenders to call on, we have never listed a loan that hasn’t fully-funded and would invite any Bridging Loan Directory users to give us a call to discuss your current and future commercial property financing needs.”