CrowdProperty - Birmingham

J Barnes

I invested just under £5000 in CrowdProperty 3 or 4 years ago, I had autoinvesments turned on and thought all was well, I'd get the occasional email about loan repayments along with new projects that I have invested in. However, it was only when I had a deep look about 6 months ago that I realised a huge number of loans I was invested in were overdue. I have now turned off autoinvestments and take money out as is repaid. However, about two-thirds of my portfolio is overdue, with the oldest project 3 years overdue!
I am slowly getting money back, I still have over £4,000 invested and have mentally written off this investment, with the odd withdrawal I make supplementing my income. These loan repayments started out at a reasonable size but have dwindled as the months have gone on and the 'good' loans run dry. The lesson is that if you keep reinvesting with this platform, the money will eventually end up in a 'bad' loan.
By this time next year, in theory, all my loans should have been repaid. Perhaps I'll return and give an update on how many have not been.
DO NOT invest your money here, especially if you may need it in the next few years.

d d

60% of my portfolio is overdue. The worst one is over 3 years late. CP don't seem too bothered. They just let the projects trundle along. You'd think they would exercise their Legal charge way before 3 years.

I've stopped re-investing any returns and just withdraw as loans repay because it takes far to long to get invested. They advertise a loan and you pledge to it, then it just sits there for 2 months, not earning a penny of interest the whole time until it eventually goes live. When you factor the long wait into the interest rate, their quoted 10% is actually only 8%...and that's if you get anything back years later.

I have complained about it several times, but nothing changes. They don't see it as a problem. Maybe they will finally realise when they have no investors left.

Richard

They are terrible. I have loans 3 years over. Around 20% of my investment has had no movement for several years. Don't do it.

sonia smith

As an investor I’m changing my review as crowdproperty have responded regarding loan defaulters. They have explained the reason for the extension of loans to facilitate completion and sale to pay off the debt. Time will tell but it is worrying that 60% of my investments are in default.

Richard Mcdougall

Decent quality mid LTV
1st Secured loans always.
Auto invest is the best option to reduce overall risk.
Always important to diversify among multiple secured P2P platforms to further reduce risk as the P2P review sites suggest the review sites can't stress this enough !

Plenty loans very late nowadays although 2% premium

Sadly no secondary market unlike competitors, perhaps if there a secondary market Autoinvest could then swallow up these chunks of loans and parcel them to Autoinvest which would help further diversification.

Crowdproperty seems to be slow repayments as the economy improves hopefully get quicker.

Karen Stanbridge

I wouldn't invest with this platform again based on how they deal with matters when things go wrong.

Don't get me wrong, I understand risk and reward but I don't accept failure to make material dislosures, and poor management by the projects team.

For example:
Pennar Park:
The sewerage issue and plant challenges were known about back in 2016, yet the platform failed to disclose these material facts during their raise.

There are artefacts showing connections between Robbins, Powers and Zutchi, and indeed Zutchi's interests on the site. This too wasn't disclosed.

Even their fallback position....The RICS surveyor overvalued the site, and failed to pick up on the maintenance issues.....really, how?

Very poor due diligence on their part, multiple best practice failures and compliance breaches (IMHO).

My interest in this site is tiny BUT this is about 'principles' or lack of.

Chesterfield:
This site was a disaster that should never have happened had adequate management and controls been in place.

N K

Disappointed with this investment platform. After you have pledged your funds to a property your funds sit there for 1-2 months, earning no interest, before the investment even starts. When I email to ask for a reason for the delay in the loan start date I am just fobbed off and not given a proper answer. Also, a large number of loans are running past their expected repayment date.

KORKYCAT

On your website you are claiming Dougliehill terrace was fully funded ! By whom I wonder. Site burned down and is a disaster zone and legal actions and bad press currently flying everywhere. DO NOT TOUCH ! With a barge pole.