A two-bedroom flat listed on a specialist property crowdfunding platform reached its funding target in 35 minutes.
Investments came in at a rate of £6,000 a minute for the property in Byfleet, Surrey.
It went online at 3pm, and by 3.35pm a total of 126 investors had bought all the shares in the flat, raising a collective £212,900.
This opportunity attracted investors from all over the UK, each investing an average of £1,700 each. The leasehold property is just 28 minutes to Waterloo by train.
Property Partner launched in January, with the vision of being to property what the stock exchange is to shares. It enables people to invest in individual residential properties, just as they can in company stocks.
Investors receive a monthly rental income – and benefit from any capital growth – in direct proportion to their ownership. The platform also allows investors to offer their property holdings for sale via a designated secondary market.
So far, 12 properties worth a total value of £3.5m have listed on the platform. The properties range from a £165,000 flat in Ilford, north-east London, to a £435,000 flat in Whitechapel, east London, situated close to a future Crossrail station.
Over 25,000 people have signed up to Property Partner since launch, and nearly 2,000 have made investments through the platform thus far, with individual investments ranging from £50 to over £70,000.
Dan Gandesha, CEO of Property Partner, said: “This latest fundraise breaks all our previous records. To fully fund in just over half an hour beat all our expectations.
“On average, our properties are reaching their funding targets in 13 days, but as more people hear about the investment opportunities, that time is getting shorter and shorter.”
The website is here
Now this is clever, fantastically complicated paperwork wise I would imagine, but clever none the less
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I agree, I thought the idea had legs when I first read about it and this proves it………..I would rather invest £1700 in a property in Surrey than in emoov, easyproperty, or purple bricks etc.
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A better investment hands down!
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So, who actually owns the property/asset, who times/actions the sale/realisation of any capital appreciation…. and how many other questions do I have?
Will make an interesting read when I find time however as Wilko/Gump have said…. an imaginative option for some!
One wonders what Lenders would make of it?
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I’d imagine a company would own it rather than an individual or individuals.
That would be one hell of a mortgage app! 126 names!
Crowdfunding is cash though so the lenders won’t get their grubby hands on it 🙂
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Have a read at the “Key Risks” section on their website….. interesting!…. however an honest appraisal of the real risk involved.
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