The solution will be available to firms in the North West with a proven track record of developing new-build residential, commercial and mixed-use properties, as well as completing office-to-residential conversions and medium to heavy refurbishments.
The House Crowd has its own development arm – House Crowd Developments – which has been responsible for a number of housing projects within the region.
Borrowers can apply for funding ranging from £500,000-£5m over a maximum loan term of 24 months, with interest rates starting from 8% per annum and both arrangement and exit fees at 2%.
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“We are excited to help like-minded property developers across the North West realise their ambitious projects, and to connect would-be investors with opportunities to earn reliable returns,” said Charlotte Hall, BDM at House Crowd Finance.
“Both developers and investors also benefit from helping, in a small way, to solve a very important and persistent problem: the lack of high-quality, affordable housing in the UK.”
In January 2018, the House Crowd received full authorisation from the FCA as a ‘P2P firm’.
Charlotte added that it had been a very successful year for the House Crowd so far.
“We will continue to expand our range of solutions for both borrowers and investors.
“While crowdfunding has always been at the heart of our business, we are now also rapidly growing our P2P lending capabilities to help open up new ways for people [to] invest in property development.”