Proplend has been in the news this week, with P2P Finance News reporting that the property lending platform had extended the availability of its Innovative Finance ISA (IFISA) to new customers.
With effect from 1 August, anyone registering as a Proplend Lender will have the opportunity to immediately open an ISA through their Lender Dashboard platform. Account’s can be funded with current year subscriptions and by transfers of existing ISAs, with fixed income returns from investments within the ISA earned tax free. Proplend’s IFISA was originally launched to existing platform Lenders in May.
Explaining how Proplend’s ISA flexibility works, CEO Brian Bartaby remarked: “Savvy investors have been saving to ISAs for years, albeit having to accept that if they take funds out after they’ve invested, they’ve used up that allowance, it doesn’t have to be that way anymore … It’s really simple and convenient for investors – they don’t need to know if they’re returning the funds when withdrawing them. Investors have control over their ISA pots again!
You can withdraw funds subscribed to the Proplend IFISA and return them later in the tax year, or place them elsewhere. You can also withdraw funds that were subscribed in previous tax years, including transfer ins, and return them to the Proplend IFISA by the end of the tax year.”
The news comes on the same day Proplend completed full funding of a new £800,000 Walsall loan investment paying 10.99% p.a.* to Tranche A Lenders and 13.79% p.a.* to Tranche B Lenders over the next 18 months. Mr Bartaby confirmed: “We have a healthy loan pipeline with a number of new lending opportunities expected to appear ‘In Funding’ during August, some of which are already in Pending.”