High Levels of Interest as Proplend Completes First Round Of Equity Funding
Proplend has been in the news this week having recently completed the first round of its ‘Series A’ equity funding. Merchant Bank, Salamanca who facilitated this and will oversee the next round of Series B funding, reported a high level of interest in the peer to peer property lending platform.
The initial round of funding will be used to accelerate the platform’s growth over the next five years, principally including the recruitment of business development professionals to grow borrowing requirements, investment into the platform’s technology and strengthening marketing activities.
“Proplend continues to prosper by combining a first-class product in an underserviced sector with a first-class senior team, which has sustained growth reputationally and operationally within the business,” said Brian Bartaby, chief executive of Proplend.
Founded in 2014 and regulated by the FCA, Proplend has supported over £22.8 million of lending to date with no loan defaults or lender losses – platform lenders ranging from individuals to listed institutions. Proplend offers attractive rates of risk adjusted returns to Lenders on the platform who can lend at 5-12% to a variety of creditworthy borrowers.
All platform loan investments are secured by income producing UK commercial property, with investments available through their ‘Classic’ accounts, their new Innovative Finance ISA (IFISA) and as SSAS and SIPP pension investments.
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