Proplend Granted ISA Manager Status for IFISA
Proplend is pleased to announce that HMRC has approved its application for ISA Manager status – an important next step towards launching its Innovative Finance ISA (IFISA).
The P2P lending platform connects investors directly to creditworthy borrowers secured by income producing commercial property – enabling investors to earn attractive rates of risk adjusted returns and borrowers to gain access to funding which is not otherwise available.
Brian Bartaby, Proplend’s Founder and CEO commented:
“Since we announced news of our full FCA authorisation on 1 March, we’ve received a flood of enquiries about the IFISA. We are now working hard to make the Proplend IFISA available by the end of April and to give peer to peer investors the credible alternative of investing on one of the safest P2P lending platforms in the UK.”
Once launched, new and existing ‘Lenders’ will be able to invest their increased 2017-18 ISA allowance of £20,000 in the platform’s loans, as well as investing transfers from existing ISA arrangements.
Brian added: “It’s important for investors to understand that unlike cash ISAs, the IFISA, doesn’t benefit from the Financial Services Compensation Scheme (FSCS), so their capital is at risk. But with that risk comes the potential of significantly higher returns. Proplend looks to minimise this risk by securing all loans with a first legal charge, ensuring that they are first in line to be repaid.”
Due to the level of demand, Proplend is currently inviting investors to register their interest by signing up to regular IFISA updates on Proplend.com