Commercial News

Proplend hits £50m commercial lending milestone

Rozi Jones -
|
26th November 2018
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"We aim to provide a credible non-bank alternative for commercial property owners and brokers. "

Commercial property lending specialist, Proplend, has announced that total commercial lending facilitated to date via its P2P platform has now passed through the £50m mark.

All loans are commercial property backed, with a mix of bridging, mortgage and property types - funded by its growing band of classic account, pension account and ISA lenders.

Proplend offers borrowers access to funding between £250,000 and £5m up to 75% LTV on an interest-only basis.

Proplend CEO, Brian Bartaby, said: “Our goal has always been to disrupt the traditional commercial lending industry, enabling investments without the requirement or burden of principal capital.

“We like the securing property to be income producing to help ensure serviceability, but we can be flexible and extend the length of interest reserve beyond the term as an alternative.

“We aim to provide a credible non-bank alternative for commercial property owners and brokers. We have shown we can be flexible and move very quickly to meet challenging circumstances, but we won’t compromise on our due diligence processes and won’t stray into development finance where the risks really start to ramp up. We have a duty of care to our Lenders and a reputation to uphold as one of the safest P2P property platforms in the UK.”

Head of credit, Philip Gould, commented: “We’re really good at what we do and we’ve had some incredibly positive feedback from NACFB brokers since joining the association a year ago.

“Our NACFB patronage has really helped with awareness of the platform amongst the broker community. There’s been a great deal of interest in the P2P model and those that have tried us have tended to come back to work with us again. I believe a major factor is our common sense, commercial underwriting decisions that successfully marry the funding requirements of our borrowers with the risk appetite of our core lenders - we are not simply a tick box exercise.”

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