Proplend chief Brian Bartaby has heralded 2021 as “a good year” for the platform, as it grew its revenues by 40 per cent and neared profitability.
The peer-to-peer consumer property lending platform moved from a £193,244 loss in the year to 31 December 2020 to a £148 loss in 2021, according to documents filed with Companies House.
This compares to a £238,800 loss in 2019.
“2021 was a good year for Proplend, loan volumes were up 77 per cent and revenue up by 40 per cent, so everything moving in the right direction toward increasing profitability,” Bartaby told Peer2Peer Finance News via email.
“Importantly, lenders continued to receive the interest they expected on time and in full and in some cases actual returns outperformed expected returns.
“2022 has started well and we look to continue to grow this year.”
Proplend’s number of employees ticked up to 11 in 2021, from 10 the previous year.
The Richmond, Surrey-based firm unveiled a VAT loan product in August 2021 to help property investors pay VAT due on purchases, and completed its first investor-funded VAT loan in November that year.
Bartaby said that further interest rate hikes had “most likely already been priced in” and there is “still a fair amount of dry powder in the system waiting to deploy”.