Propifi adds euro series to bonds offer

Bridging finance lender Propifi has added a euro series to its dollar and sterling bonds offer to open up the market to European investors.

Propifi uses bonds as one of its funding streams to fill its growing lending pipeline of over £100m.

The new, A-rated, five-year bond is a debt instrument that offers investors a fixed return of 8.1% pa, paid quarterly.

It is asset-backed, with investors having first legal charge over the assets, which are UK property or land and held in a secure trust structure.

The bond programme is approved by, and listed on, the Frankfurt Stock Exchange (Börse Frankfurt) for the issue of £5bn secured, electronically traded corporate bonds with an investment grade A credit rating.

It aims to raise funds through bond issuances to make first-charge secured bridging loans to UK commercial property developers, with a particular focus on UK housing associations.

Euan McAlpine, chairman at Propifi (pictured above), said: “The world is now restarting and this is being led by the construction industry, especially in the realm of social housing where demand has really grown; this has resulted in a massive pipeline of interest from would-be borrowers. 

“Our bonds help kickstart these vital projects, and the addition of a euro series is a result of interest and enquiries from European investors wanting to get involved.” 

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