The platform — which leverages technology to simplify the lending process, while driving competition among lenders and increasing the choice available to borrowers — has expanded into the development space with 10 finance providers and is currently onboarding more.
The lenders that are on the development panel are:
- Paragon Bank
- United Trust Bank
- Hampshire Trust Bank
- Octopus Real Estate
- West One
- Mint Property Finance
- Avamore Capital
- Blend Network
The announcement comes six months after it launched in the bridging and commercial mortgage markets, when it went live with over 40 lenders.
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Since November, it has added 13 new finance providers to the system.
The new offering means that developers will now be able to gauge an estimate of costs by either providing project details online or using Propp’s automated deal optimiser service to quickly negotiate bespoke terms.
Full applications will receive advice and support from a Propp expert who will pick up the baton and manage their case to completion.
“At such a crucial time for the UK economy, it is vital that we work with lenders across the board to ensure developers of all sizes and levels of experience have access to the finance they need to get their projects off the ground,” said Peter Williams, CEO at Propp (pictured above).
“We’ve worked hard to ensure we’re spanning the entire lending spectrum by inviting both mainstream and challenger banks to the platform to ensure we can meet clients’ needs, whatever the project.
“Our mission is to ensure that when a client comes to Propp, they leave with a great deal and the highest level of service.”
Avamore Capital and LendInvest are two lenders that have joined the development panel.
Adam Butler, BDM at Avamore Capital, commented: “Having seen the huge success of the specialist finance site, I am really excited to be part of this next venture and am certain it will provide a valuable service to their existing and new client base.”
Steve Larkin, head of development finance at LendInvest, added: "It's great to see Propp expand its offering to include development finance products this month.
“As a technology driven lender, we are always seeking the right partnerships to broaden our reach, and we're excited to be working with a like-minded team like Propp.io."
The leadership team powering the platform have a combined 60 years’ experience in the property space, and previously worked together in senior roles at John Charcol.