Proplend funds its first ever commercial property VAT loan

Proplend has completed its first-ever investor-funded commercial property VAT loan, a £1.8m facility agreed on a three-month term for the purchase of a £9m former office block in south London.

The case was introduced by Opes Financial on behalf of the client, who required the funds as their previous VAT lender was unable to complete the deal.

Working together with the broker, Proplend was able to complete the loan within five days to meet the borrower’s deadline.

Matthew Davies, co-founder of Opes Financial, said: “Having been left in the lurch by a VAT lender, we were very stressed. 

“Proplend came in and delivered the full £1.8m needed to fund the VAT extremely quickly in an almost seamless admin process. 

“I am extremely impressed by the level of service and professionalism at Proplend.”

Brian Bartaby, CEO at Proplend (pictured above), commented: “We always saw VAT loans as a complementary addition to our existing product suite of short-term bridging and medium-term commercial property loans.”

“Thank you to Matthew for introducing the opportunity and the team, including the lawyers, who worked hard to complete the transaction in a timely manner.”

Earlier this year, Proplend announced it would be introducing a commercial property VAT lending product, which coincided with the appointment of Peter Bloom as a non-executive director.

Since its launch, the P2P lending platform has completed over £140m of lending.

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