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New Peer to Peer Business Model Launches For Housing Crisis

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New Peer to Peer Business Model Launches For Housing Crisis

New Peer to Peer Business Model Launches For Housing Crisis
October 24
09:41 2018

PropertyBridges.com, Ireland’s new ‘peer to peer’ property platform, has officially been launched. The platform will raise money for small developers, small construction companies and private companies looking to develop housing and match them with thousands of lenders from the ordinary citizens of Ireland.

The business is being run by David Jelly (pictured left), Michael Fitzpatrick and Marc Rafferty as well as several experienced property analysts and due diligence experts behind the scenes. David Jelly has over ten years experience in the finance sector in London and Ireland, supported by Michael Fitzpatrick with fifteen years involvement in property development finance also in Dublin and London, while Marc Rafferty was one of the founding team and original investors in Ireland’s biggest peer to peer business, linkedfinance.com as well as another well known business in Ireland, gocar.ie.

Marc Rafferty commented: “The peer to peer model is similar to what the credit unions are but with technology and transparency at its core. We realised at Linkedfinance.com that the peer to peer model allows regular people invest small amounts in their local SME businesses and make a good return on their investment while helping their community. Property Bridges will allow this same dynamic occur but this time in the property space and again for the public to fill the gap the banks have failed to do so adequately.”

CEO David Jelly said: “On returning to Ireland after several years living in London working in the finance industry, I realised how the peer to peer model could be a fantastic benefit to the Irish property landscape. The old property industry was an exclusive club in which ordinary investors had little or no access to. With technology and the peer to peer model we can provide access and transparency to this once opaque market. With the help of the NDRC (National Digital Research Centre) and Enterprise Ireland, we have the technology, research, contacts and business model in place to be a disruptive platform in the sector.

“We can’t solve our current housing crisis in a click but we can help to alleviate the problem, project by project. Irish savers currently have 90 billion sitting in zero or low return deposit accounts. By investing in secure property loans, Irish savers can fund bright hard-working local property ‘not developers’ renovate, fit out, expand, finish off building projects etc. and actually see their money at work in local communities. Not to mention making returns of 8-10% on your investments while doing it.
Globally there has been a huge shift to online investing but Ireland’s property market remains a traditional asset class that can be hard to access. We change that by allowing lenders to invest anywhere from as little as 500 euro to 100,000 in any one loan. Whether you are a person with some savings sitting idle in an account or a high net worth individual looking to diversify your portfolio, Property Bridges provides a high yielding, secure alternative investment.”

With Propertybridges.com, lenders can invest anywhere from as little as 500 euro to 100,000 in any one loan!

Michael Fitzpatrick, Head of Credit and Portfolio Management, added: “The alternative lending market has become more and more popular for property developers of a small to medium size in Ireland over the last 7-8 years, following the lead of the UK. Having worked on the delivery side of property development for 10 years followed by 5 years in the alternative lending market in London, the need for specialised underwriting has become clear. It is critical for success in the development lending market in order to be able to accurately identify risk, and manage a loan from cradle to grave. It’s not enough to have these skills provided by external consultants anymore. The peer to peer model, in order to operate in this market requires the development of very efficient procedures and protocols, whilst also having the in-house knowledge to be able to determine a borrower and their teams ability to deliver on a project. This is our offering at Property Bridges, and we feel it will bring much needed liquidity to the property development sector, allowing an easing of the housing crisis over time, whilst also providing lucrative terms to peer investors backed by a property asset. Our initial offering is servicing a funding market that many others in the market ignore because it is seen as too small, but we feel there are many opportunities in this market, with many highly capable small developers who can make a sizeable contribution to the national housing market.”

WATCH: Property Bridges – Click link – https://youtu.be/bMEIGX-DWAI

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