P2P property lender CrowdProperty has closed a £1.1m equity funding round. The campaign, hosted on Seedrs, raised £1,089,000 raised from 575 investors based on a pre-money valuation of £15.7m.
CrowdProperty describes itself as a platform to transform traditional lending and targets both SME property professionals who are struggling to access the finance they need, and investors who are receiving inferior rates of interest due to high overhead banking costs.
This news comes very shortly after CrowdProperty announced the backing of a major financial institution to lend up to £100 million of loan capital to CrowdProperty’s expertly curated property projects over the coming 12-24 months and the heavily subscribed launch of a new AutoInvest product.
Mike Bristow, Chief Executive of CrowdProperty said: “We are delighted that so many of our customers wanted to participate in this raise, on both borrower and lender sides. Our proposition has been game-changing for them, giving them the confidence to invest in the business knowing that it has demonstrably huge potential. We are also excited that the oversubscribed raise will enable us to fast track our 2019 roadmap, which is packed full of innovative, value-adding and experience-enhancing developments which will further differentiate us from all market participants.
“This raise will supercharge our growth rate, delivering an even better deal for both lenders and borrowers alike and will take us further towards funding a material proportion of the homes the UK needs to be building.”
