A £212,900 property in Surrey which was advertising on a crowdfunding platform at 3pm was fully funded by 3.35pm, it is claimed.
Investments came in at a rate of £6,000 a minute for the two-bed flat, with £1,700, the average individual investment. A total of 126 investors had bought all the shares in the flat.
The platform was Property Partner, which allows individuals to invest in property without requiring the funds or expertise required for a direct buy to let investment.
The platform says individual investors receive a monthly rental income and benefit from any capital growth in direct proportion to their ownership, once platform fees have been paid. The platform also allows investors to offer their property holdings for sale via a designated secondary market.
So far, 12 properties with a total value of £3.5 million have listed, ranging from a £165,000 flat in Ilford to a £435,000 flat in Whitechapel.
Property Partner claims over 25,000 people have signed up to it since its launch in January, and nearly 2,000 have made investments ranging from £50 to over £70,000.
A crowdfunding buy to let platform has linked with a developer...
Almost 3,000 investors have crowdfunded more than £6m worth of buy-to-let...
A rental investment platform is claiming to have succeeded with the...
Almost all of the UK's major towns and cities saw fewer...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
We’re absolutely delighted to announce that, after 10 years, we’re able...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Attention estate agents: if you're looking for a bumper Christmas bonus,...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
.png)
I think we can all agree that the National Trading Standards...
.png)
In September last year, flatfair, a deposit alternative provider, released their...
Introduction The lettings market is no stranger to the complexities and challenges...
%20(002).jpg)
Interim inspections are a necessity if you want to avoid property...
It’s no secret – 2023 is a difficult year for the...
The law is clear – agencies in England, Scotland and Wales...
The Oxfordshire based PropTech founders and software developers of Openview, today...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
Ridiculous! You can't argue with that, fully funded in under an hour. I have my reservations about crowdfunding, but it's definitely an innovative way of getting investors involved in a wide range of projects.
Agreed, this is quite astonishing. I too have reservations about crowdfunding, but it does appear to have a purpose - it's like the online version of an auction and seemingly much better at generating interest.
Ok so let's assume that the tent is £1200 each investor would get roughly £9.50 per month and the average investment per person is £1682. Let's just say hypothetically that the property is worth £350k within 4 years which I highly doubt this means split 126 ways their return is £1095. I think that these people haven't done their sums and in for a surprise. Rule number 1 when investing know your numbers.
Please login to comment