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Post by CrowdProperty Representative on Feb 18, 2018 11:48:56 GMT
Hi all, On Friday 23rd February, CrowdProperty will be launching its Innovative Finance ISA (IFISA), which is a UK tax-free wrapper for peer to peer lending. Individuals will be able to take advantage of this year’s ISA allowance of up to £20k and transfer existing ISA funds into the CrowdProperty ISA. CrowdProperty offers their lenders first charge security on all loans to professional property businesses (just like the security and rights a mortgage company holds) and an 8% interest rate (which will be tax free under the CrowdProperty ISA). CrowdProperty has a 100% payback record and is fully authorised and regulated by the FCA. We’re expecting the CrowdProperty ISA to be over-subscribed so will be making it available to registered lenders first (hint - register this week by clicking here). For more information on our ISA please click here. For everyone setting up a CrowdProperty ISA this year we are waiving setup and administration fees on both this year’s ISA allowance and any funds transferred from existing ISAs. Many thanks and regards, Simon Simon Zutshi Co-Founder & CEO CrowdProperty - Earn 8% per annum interest rate (tax-free if within an ISA)
- 100% pay back track record
- Just like a mortgage company, we can repossess on behalf of the Crowd should the Borrower default on the loan - we hold the '1st legal charge' to protect you
- Authorised and regulated by the Financial Conduct Authority
- Loans of 6 to 18 months in length
- Minimum loan size of just £500
- Lend with a CrowdProperty ISA - find out more here
- Lend from your pension - find out more here
CrowdProperty Ltd is authorised and regulated by the Financial Conduct Authority under registration number 723959. CrowdProperty is not covered by the Financial Services Compensation Scheme. Of course, there are risks with any loans you make and your capital is at risk. CrowdProperty endeavours to protect all lenders by registering the legal first charge against the property project. In the event a borrower defaults on the loan, CrowdProperty will take ownership of the project and manage it on behalf of the lenders. |
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zlb
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Post by zlb on Feb 18, 2018 16:00:43 GMT
There don't appear to be any projects. Everything is funded. I can't see a pipeline listing on your site.
Can you elaborate on how you can sustain an ISA investment? Thanks.
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Post by CrowdProperty Representative on Feb 18, 2018 17:41:46 GMT
Hi zlb
Thank you for your comment. I understand your question and your observation is correct - when we list projects they generally fund in minutes not hours and we do not currently have any projects live on the platform. We do have a strong pipeline for the coming months and a critical factor in our ongoing lender customer relationship will of course be the ability for our lenders to deploy both their ISA and non-ISA capital. We will be closely managing the overall amount we allow in to the CrowdProperty ISA in this tax year to correspond with the pipeline. We have some very exciting large lending opportunities that are imminent - rest assured that it's an imperative for us to manage the supply and demand of capital, especially funds within the less portable ISA wrapper.
Kind regards,
Simon Zutshi
Co-Founder & CEO
CrowdProperty
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zlb
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Post by zlb on Feb 21, 2018 19:26:33 GMT
Thank you. Can someone transfer some ISA and hold an ISA without investing this year's allowance? (as is possible with other providers).
It sounds as if you're not quite ready of you haven't decided upon values allowed.
Thanks.
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Post by CrowdProperty Representative on Feb 22, 2018 10:02:50 GMT
Hi zlb,
In answer to your question, it is possible to transfer over existing ISA funds to the CrowdProperty Innovative Finance ISA and to hold them in an account, without utilising any of the annual ISA allowance for the 17/18 tax year.
To confirm: you can open a CrowdProperty ISA, transfer funds from a pre-existing ISA, and then wait until the 6th April for the 18/19 tax year to commence to utilise the new tax years annual ISA allowance.
With regards to your comment on values, we have decided upon personal values we will allow - our minimum investment is £500 in line with our minimum pledge. The total value we will allow into the ISA across all lenders is something we will monitor closely accordance with our pipeline as a business, and obviously depends on consumers' appetite for the product (looking at registration of interest, this appears to be strong!).
As Simon noted in his previous response it is imperative we manage the supply and demand of capital closely, so ISA and non-ISA lenders can achieve 8% pa returns by investing in our projects. However, as our pipeline for the coming months looks strong, and lenders are excited by the offering, we feel very positive!
Kind Regards,
Sarah
Analyst
CrowdProperty
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littleoldlady
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Post by littleoldlady on May 1, 2018 14:51:08 GMT
What are the ISA setup and administration fees, transfer in fees and transfer out fees if any? Can't see them on your site.
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Post by CrowdProperty Representative on May 1, 2018 15:32:15 GMT
Hi littleoldlady,
There is no cost to set up an ISA with CrowdProperty, this is completely free of charge.
There are also no costs to deposit funds in your ISA account or to transfer in a pre-existing ISA with another provider.
Our annual administration fee is 1% of the total amount which you deposit in your ISA per year; this fee is capped at a maximum of £500.
To transfer your CrowdProperty ISA out to another provider a fee of £75 is chargeable.
All fees are detailed in our ISA terms and conditions which are available upon registration.
Any other questions don't hesitate to ask!
Many Thanks,
Sarah
Analyst
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littleoldlady
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Post by littleoldlady on May 1, 2018 16:11:20 GMT
Hi littleoldlady, There is no cost to set up an ISA with CrowdProperty, this is completely free of charge. There are also no costs to deposit funds in your ISA account or to transfer in a pre-existing ISA with another provider. Our annual administration fee is 1% of the total amount which you deposit in your ISA per year; this fee is capped at a maximum of £500. To transfer your CrowdProperty ISA out to another provider a fee of £75 is chargeable. All fees are detailed in our ISA terms and conditions which are available upon registration. Any other questions don't hesitate to ask! Many Thanks, Sarah Analyst Thanks Sarah. Might be better to put these charges in the FAQ, which incidentally says at one point: Do CrowdProperty charge the lenders any fees?
We do not charge the lenders any fees for this service. Instead we charge a fee to the borrower when the crowd successfully fund their project.
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Post by CrowdProperty Representative on May 2, 2018 8:34:13 GMT
Hi Littleoldlady,
That is a Q and A in the FAQs for the process of lending through our standard loan account. In this process, there are no fees as all fees are charged to the borrower.
We have ISA specific FAQs which you can find on our ISA home page. These mention that certain fees are chargeable (however I don't think they mention exactly what these fees are). Your feedback is greatly appreciated and is certainly something we will look at implementing!
Many Thanks,
Sarah
Analyst
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zlb
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Post by zlb on May 3, 2018 19:04:52 GMT
Hi Littleoldlady, That is a Q and A in the FAQs for the process of lending through our standard loan account. In this process, there are no fees as all fees are charged to the borrower. We have ISA specific FAQs which you can find on our ISA home page. These mention that certain fees are chargeable (however I don't think they mention exactly what these fees are). Your feedback is greatly appreciated and is certainly something we will look at implementing!
Many Thanks, Sarah Analyst hi, I wouldn't have used CP had I known about the large transfer out fee. I must have relied upon an aggregating table of info elsewhere. Is yours a platform offering interest on uninvested funds for a short period? Thanks.
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Post by CrowdProperty Representative on May 4, 2018 9:07:44 GMT
Hi zlb, We're sorry to hear that. Unfortunately maintaining an ISA has certain administrative costs; the price of our transfer out fee is reflective of the work involved. We work hard to ensure it costs lenders nothing to set up an ISA, transfer pre-existing ISAs over to CrowdProperty and to deposit funds in the ISA. We do not offer interest on uninvested funds; funds must be employed in projects advertised on our platform and will earn interest in accordance with the terms of that project. This is detailed in our ISA FAQs - I have provided a link here: www.crowdproperty.com/IFISA/faqWe have a very strong pipeline of projects over the coming weeks (as shown on our anticipated project pipeline indicator), and this year have worked hard to ensure we are launching roughly 1 project per week. This means that, once capital plus interest are returned at the end of a loan term, there is ample opportunity to reinvest funds and keep achieving 8% pa. Kind Regards, Sarah Analyst |
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littleoldlady
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Post by littleoldlady on May 23, 2018 21:29:57 GMT
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Post by CrowdProperty Representative on May 25, 2018 9:21:00 GMT
Hi Little Old Lady,
As far as I am aware this functionality is still working.
Log in to your ISA account and view your ISA portfolio. At the top of the page there should be a 'Transfer In' button - if you click this you will be walked through a step by step transfer in ISA process.
If you have any trouble at all please don't hesitate to email info@crowdproperty.com.
All the Best,
Sarah
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