Proplend to launch commercial property VAT loans after recruiting NED

Next week, Proplend will be launching a commercial property VAT lending product to complement its commercial bridging and term loans.

The P2P lending platform will provide loans between £100,000 and £1m at circa 0.83% per month, on terms between 90 and 120 days.

To qualify for this product, borrowers must have a clean VAT-registered SPV, the property must be correctly elected for VAT, and it must be deemed reclaimable by Proplend’s VAT agent.

Through the new offering, the lender aims to save borrowers time and money by offering a senior debt and VAT loan combination.

To assist with the introduction and growth of its new product and the wider ongoing business strategy, the platform has appointed Peter Bloom as a non-executive director.

Peter — who has over 30 years of experience in the acquisition and disposal of commercial property investments — co-founded VAT lender BloomSmith.

“I have been keen to launch a VAT lending product to complement our existing commercial bridge and term loans for a while and meeting Peter was a very timely event,” said Brian Bartaby, founder and CEO of Proplend.

“The way in which we are operate and are funded means that borrowers will ultimately benefit from a cheaper overall transaction cost.”

Peter added that he was very excited to join the Proplend team in its next evolution and embedding VAT lending within a fintech platform.

“Offering VAT bridge loans via Proplend’s technology platform is the next advancement in lending and could not have come at a better time.”

The platform specialises in sub-£5m commercial real estate debt and, to date, has completed over £130m of lending.

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