Proplend is the first platform allowing individuals and institutions direct access to UK commercial Real Estate opportunities starting at £1,000
LONDON, 19th July, Salamanca Group, the London based Merchant Bank, has recently completed a series A funding round for Proplend, the online marketplace for secured commercial mortgages.
Proplend is one of the few fully qualified Fintech peer-to-peer (P2P) lenders by HMRC to take in tax efficient ISA money, which gives Proplend access to facilitate loans on an estimated £270bn of cash ISA funds. Proplend connects this availability with the £50bn of sub £5m secured UK commercial lending required over the next 5 years to provide a unique P2P lending platform that offers direct access to commercial real estate lending opportunities with investments starting from £1,000.
Founded in 2014 and regulated by the FCA, Proplend has supported over £22.8 million of lending to date, with 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 quality borrowers.
Proplend’s current investors include Eamonn O’Hare – former CFO of Virgin media and Peter Johnson – the founder and former Chairman of Park Group. Salamanca Group, who facilitated the fundraising through its proprietary network, have also acquired a stake in the Company. Throughout the fundraising process, Salamanca Group have received a high level of interest in the investment and are already facilitating a Series B fund raise.
Chris Pearson, Head of Investment and Corporate Advisory at Salamanca Group commented “We are thrilled to complete the initial funding round for the UK leader in the commercial online lending marketplace from private investors. As we progress into the Series B fund raise, our focus will switch to institutional investors. We look forward to continuing to work with Proplend as they continue to grow their business.”
The current 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.
Commenting on the market opportunity Brian Bartaby, Proplend said: “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. This critical stage of funding unlocks further potential to elevate the business to the next stage – an exciting period where we expect to grow rapidly. We appreciate the ongoing support from shareholders and welcome new investors to our growing company.”
Bill, a Proplend lender commented “In my experience to date Proplend are streets ahead of the other P2P companies that I use”.
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Notes
About Salamanca Group
Salamanca Group is a privately-held Merchant Banking business, home to experts in global investment and advisory, London real estate and private client services. Salamanca Group Corporate Advisory provides strategic and financial advice to corporates and owners seeking to facilitate business growth and crystallise value. The combined team has over 100 years combined transaction experience acting on deals in excess of $50billion. Salamanca Group offers valuable services to businesses at every stage of the business life-cycle including strategic advice, mergers and acquisitions, capital raising, management buy-outs/ins, divestments and IPO advisory.
About Proplend
Proplend is an FCA regulated online marketplace for secured commercial mortgages connecting investors directly to creditworthy borrowers secured by income producing commercial property. Launched in 2014, Proplend was founded to serve the sub £5m commercial lending sector making it possible for interest rates being offered by borrowers to be earned by lenders. Proplend offers three types of loan investing with returns between 5-12% per annum dependent on an investor’s risk-return appetite. In August 2016, Proplend received the highest PLUS rating from P2P platform rating agency 4THWAY, a leading P2P comparison website.