Most of the money raised (£1.2m) was for the House Crowd Developments’ Egyptian mill scheme, which is set to provide 41 houses and 15 apartments on the outskirts of Manchester.
House Crowd Developments – part of the House Crowd Group of companies – specialises in housing developments in the North West.
The rest of the funding (£98,000) was invested in the House Crowd’s Innovative Finance Isa.
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Frazer Fearnhead, CEO and co-founder at the House Crowd (pictured above), said: “Raising £1m in a single day is not just a confidence boost for the House Crowd and the service that we offer, but also for housing developments in the North West.”
In 2013, the crowdfunding platform passed £1m in funds raised within 12 months of launching and achieved its first £1m raise in a week in 2016.
Frazer added: “The numbers don’t lie – there is clearly a big appetite among retail investors for property development financing and P2P secured lending, which is exactly what we offer.
“It’s important that we keep up this momentum to continue helping solve two of the major problems within our society: the lack of quality housing and people’s difficulties in saving their money.
“If we can continue building much-needed housing, while providing our members with a reliable way to build a nest egg for their retirement, then we are serving our purpose.”