CrowdProperty (www.crowdproperty.com) is pleased to announce that it has signed a £300m institutional funding line agreement with a new major investment manager.
This news follows shortly after a hat-trick of lending records in May where the business lent £8,320,000, paid back £7,520,000 and received £285,000,000 of funding applications from SME property professionals. CrowdProperty then set further lending records in June, initiating £16,000,000 of new facilities and lending £8,800,000.
CrowdProperty, the UK's leading specialist property project lending platform, has now funded the development of 1,501 homes worth £297,000,000, originating £181,000,000 of agreed facilities and lending £141,000,000 to date. This has supported over £120,000,000 of spend on labour, materials and services in the UK economy.
The funding line is a five-year agreement that complements CrowdProperty’s existing sources of capital, reinforcing the demonstrated expertise, origination and quality standards ultimately proven by the 100% capital and interest payback track record since commencing lending in 2014. Diverse sources of capital across major institutions, funds, family offices, HNWs and private investors supporting CrowdProperty credit policies and underwriting processes provide certainty of funding for property developers throughout projects, poignantly demonstrated through Covid-19 where CrowdProperty further step changed its reputation as a resilient and reliable lender throughout the uncertainties of 2020.
Mike Bristow, Chief Executive of CrowdProperty, commented: "Despite the fact that we’ve supported £300,000,000 of property projects to date, we are still relatively early on in fulfilling our potential in our mission of transforming property finance – to unlock the power of SME property developers in the UK to build more homes, increase spend in the UK economy and ever more efficiently and effectively match the supply and demand of capital for the benefit of all.
“Investor liquidity is higher than ever due to the deep property expertise, high quality origination, 100% capital and interest payback track record and trusted brand built since 2014. This is naturally attracting more and more institutional sources of capital looking to work with the most proven, highest quality players with deepest asset class expertise and market-leading track records. Platform lenders can rest assured that our team, processes, systems, controls and governance have met the highest possible institutional standards.
“Such a major agreement, coupled with CrowdProperty’s unique and highly valued ‘Property Finance by Property People’ proposition, will grow the volume of quality investment opportunities made available to investors. We have built a very strong pipeline that currently stands at over £322m of progressed quality lending opportunities, putting us firmly on track to provide £400m+ of lending p.a. by 2024, underpinned by a highly scalable, in-house built, proprietary technology platform, scalable capital sources and deep expertise in exactly the asset class being lent against.”