CrowdProperty has signed a £300m institutional funding line agreement in the UK with a new investment manager.
The funding line is a five-year agreement designed to complement CrowdProperty’s existing sources of capital.
The news follows the company’s recent expansion into Australia and a UK hat-trick of lending records in May when the business lent £8.3m, paid back £7.5m and received £285m of funding applications from SME property professionals.
The UK business has now funded the development of 1,501 homes worth £297m, originating £181m of agreed facilities and lending £141m to date.
CrowdProperty Australia is the first step of the business’s international expansion mandate with the local CEO David Ingram joined by COO Tony Zulli and UK CEO and founder Michael Bristow as local company directors.
Mr. Bristow said that despite supporting £300m of property projects to date, the UK operation is still relatively early on in fulfilling its potential and mission of transforming property finance.
“Investor liquidity is higher than ever due to the deep property expertise, high-quality origination, 100 percent capital and interest payback track record and trusted brand built since 2014,” he said.
“This is naturally attracting 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.
“This is also why we’re excited about our recent launch in Australia. Our Australian team is already seeing significant interest from institutional lenders and wholesale investors for its growing property project pipeline. We see this momentum leading to rapid growth in Australia.”
CrowdProperty Australia chief executive David Ingram said that since launching here in May, the platform has a rapidly growing pipeline of small residential developments as well as lots of interest from both Australian wholesale investors and institutions.
“Investors and institutions are attracted to high quality, directly originated property projects, and the efficiency our platform offers by bringing them together,” he said.
“The UK has built a very strong pipeline that currently stands at over £322m of progressed quality lending opportunities. In three months in Australia, we’ve assessed over $100m of projects so far with a goal to fund over $50m by the end of 2022.”
CrowdProperty Australia is a marketplace lending platform funding SME property projects and creating investment opportunities for wholesale and institutional investors. Investors can earn up to 7% p.a. target interest returns* on first mortgage-secured property project loans.
About CrowdProperty Australia
CrowdProperty is a specialist marketplace lender providing finance for property projects. We invite wholesale investors to invest in the CrowdProperty platform to provide project loans to SME property developers.
CrowdProperty empowers developers to get access to specialist finance with ease, speed and certainty, while wholesale investors can earn up to 7% p.a. target interest returns* from loans typically paid back in 6-18 months (subject to project and loan structure). Since launching in the UK in 2013, CrowdProperty has lent over £112 million ($200m) to property developers, funded the construction of over 1,150 homes worth over £220 million ($400m), and delivered a 100 percent capital and interest payback to investors over six years of lending.
[*Target returns, not forecast returns. For wholesale investors only. Terms, conditions and risks apply.]