CrowdProperty funds £925,000 residential development in under 10 minutes

CrowdProperty has funded a £925,000 residential property development project in Plymouth in under 10 minutes.

In total, 113 lenders provided funding through the P2P lender to support the 11-house development.

Funding for the development – which is on the site of a former hotel (pictured above) – was completed in nine minutes and 51 seconds.

Almost 50% of the funding came from CrowdProperty IFIsas and SSAS pensions.

CrowdProperty supported the scheme after it had concluded that the development was being undertaken by an experienced developer who had engaged a full set of consultants to deliver the project.

The borrower – a director at the project SPV Millstone Land & Developments Ltd – said: “Throughout the whole process, CrowdProperty was incredibly easy to work with and did exactly what [it] said [it] would do.

“The customer service and care [were] so refreshing after decades of dealing with cumbersome processes at traditional lenders that would take up 90-95% of my time.

“Working with CrowdProperty means that I can focus on what I’m great at and [it] can sort the finance, quickly and simply.”

CrowdProperty will hold the first legal charge on the project as security and will phase development cost releases with the independently assessed progress on the project.

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