This decision brings the number of members of the organization down to nine.
CrowdProperty has become the newest member of P2PFA, the UK’s leading peer-to-peer lending industry.
P2PFA was originally set up by founding members Funding Circle and Zopa to help lobby the government for industry-specific peer-to-peer regulation.
CrowdProperty, specializing in property-backed loans, becomes the organization’s sole development lender. LendInvest and Wellesley & Co, which also originate development loans, previously belonged to the organization but left it (both have now hijacked their P2P business models).
âThis is another watershed moment for CrowdProperty in our mission to deliver a better deal to all on both sides of our market,â said Mike Bristow, CEO of CrowdProperty. âThis validates the competence, honesty, integrity and transparency that are at the heart of our business, which has resulted in our exceptional growth and our history of 100% principal and interest repayment. “
CrowdProperty has generated just over Â£ 20million in loans to date, with the majority of that total expected this year.
The company currently operates a fixed price structure, charging 10% to all borrowers and paying 8% to all investors. Investors select the loans they invest in, putting CrowdProperty in the âpricing platformâ camp, by definitions recently proposed by the FCA as part of its post-implementation review.