Propclear

Fred Done provides funding to Propclear



BetFred founder Fred Done has announced it is funding property sales guarantee provider, Propclear.

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Fred Done is allocating capital for up to £100m of transactions in the initial phase, with ambitions to grow beyond that.

He also backs the Salboy Property Group and Peninsula HR.

Propclear Sales Guarantee offers a guaranteed exit to residential property developers to sell any unsold properties at a pre-agreed price, in the event they can’t sell them on the open market.  

It helps to remove the sales risk and provide exchange funds upfront, significantly enhancing the ability of SME developers to fund their projects at a time when traditional bank funding remains challenging.

The business will be led by executive chairman, Simon Ismail, (who is also the managing director at Salboy), in addition to James Wallis, former investment director at Babson Capital Europe; and Stephen Findlay, who was previously CEO at property co-investment platform BondMason.

“Through our funding, construction and housebuilding arms, we are committed to the UK property market and helping to solve the chronic shortage of housing that still exists,” said Fred.

“This innovative solution adds to our ability to serve this market.”

Simon Ismail, managing director at Salboy, commented: “Propclear is a natural extension for us and will mean we can help even more developers — both existing clients and new — to build out their schemes.”

James Wallis, co-founder of Propclear, added: “The Propclear Sales Guarantee proposition has been developed in conjunction with a number of the leading specialist development finance banks and funders to work for all parties and improve access to funding.  

“We look forward to working with developers to get Britain building.”



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