Propp states that it will reduce the average time to complete a bridging loan by digitising much of the process
Founded by industry veterans, comparison site, Propp.io has launched with over 40 lenders on the platform and will specialise in bridging finance and commercial mortgages.
Borrowers will now have the ability to view products from providers often not available through traditional brokers, with bespoke quotes negotiated and presented back to borrowers within 24 hours.
According to the developers of the site, Propp was born out of a shared desire to evolve the specialist property finance market, which has “lacked digital innovation” and claims to be able to save borrowers an average of over £9,400 per year, based on the negotiated interest rate, due to its Optimisation service.
Propp states that the average time to complete a bridging loan has risen to 52 days and will “reduce this significantly” by digitising much of the process, including rate negotiations, digital signatures, and electronic identification.
The leadership team brings a combined 60 years of experience in the property space to the new venture. The team previously worked together in senior roles at John Charcol mortgage advisors. Paul Elliott assumes the role of Managing Director, with a core responsibility for business development. While Ben Larkin, Chief Technical Officer, will be responsible for delivering on Propp’s mission to drive digital transformation and efficiencies for its customers.
Peter Williams, Chief Executive Officer at Propp, said: Propp has been purpose-built to shake-up the archaic specialist property finance space and brings it in line with the demands of today’s borrowers, who are accustomed to the convenience and transparency of automated technologies and instant, high-quality customer service.
Mike Stenhouse, property developer and host and producer of Inside Property Investing podcast, comments: We recently tried Propp for a development finance application after getting fed up with the lack of transparency and slow speed we’d seen from some brokers.
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