Specialist property development lender, CrowdProperty, has received a £15m commitment from British Business Investments.
The investment will help increase access to finance for small and medium sized housing developers as well as support more house building.
British Business Investments, a wholly owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller UK businesses by improving the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed more than £3.3bn to providers of finance to UK smaller businesses.
CrowdProperty, also founded in 2014, has supported the development of more than 3,000 homes across the UK worth over £675m to date, with 94% of lending in the regions outside of London.
“Our commitment to CrowdProperty will help increase access to finance for smaller housing developers, particularly in the regions outside of London,” said British Business Investments CEO, Judith Hartley.
“Supporting independent operators such as CrowdProperty contributes to British Business Investments’ mission to increase the diversity and supply of finance for smaller businesses across the UK.”
CrowdProperty founder and CEO, Mike Bristow, added: “We’re delighted to be adding British Business Investments as a CrowdProperty lending partner. This is another step forward for us as a business that was founded to better support the projects and developers that deserve funding.
“We look forward to seeing the partnership flourish over the long term, as we support more house building and help increase spend in the economy on labour, materials and services.”
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