The five-year agreement is said to complement CrowdProperty’s existing sources of capital, which includes major institutions, funds, family offices, HNWs and private investors.
The announcement follows a hat-trick of lending records in May where the business lent £8.32m, paid back £7.52m, and received £285m of funding applications from SME property professionals.
CrowdProperty set further lending records in June, initiating £16m of new facilities and lending £8.8m.
To date, the property project lending platform has funded the development of 1,501 homes worth £297m, originated £181m of agreed facilities, and lent £141m.
This has supported over £120m of spend on labour, materials and services in the UK economy.
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Mike Bristow, chief executive at CrowdProperty (pictured above), said: “Despite the fact that we’ve supported £300m 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.
“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-plus of lending per annum 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.”