Proplend  Omdömen 102

The platform seems to have been suffering from a bit of a liquidity crunch over the last few months and as such seems appropriate for small investments of capital only.

28/02. UPDATE: Proplend has asked that I add more details to this review otherwise it might "not be recognised as genuine". So, to confirm, this is a genuine review and is based on my view of past (over 6-12 months) performance of Proplend. Lets hope the situation improves!

One of my favourite P2P platforms. Commercial property loans rather than flaky residential property development loans. To date - very low defaults, clear fee deductions, clear risk/reward LTV grading of loans, auto-lend facility, secondary market, great communications. Easy ISA transfers-in too, using a fast electronic transfer method.

Two years ago I did a five star review for Proplend, they certainly have not disappointed since then. It is my go to P2P lender, having since increased my investments with them by 40%. My current average net return is 7.70% all paid monthly.
Having been investing in P2P lending for over ten years, my advice to anyone considering P2P as an investment, is to seriously consider Proplend.
They have an excellent team who are always there to give friendly advice. Thank you Proplend.

Its almost two years since my last review for Proplend, they remain my first choice for investments into P2P lending. I will let the numbers speak for themselves.
To date I have invested in over 100 separate loans, with an average return of a tick over 7%. Interest is paid monthly, which I consider a real bonus.
Currently my monthly return is 7.74% spread over 50 loans.
During my time with Proplend just one loan has gone bad, and although capital was lost in tranche "B", the interest received on my investments into Tranches A & B prior to the property being auctioned was slightly more than the capital loss. Resulting in no real loss at all.
Its just a big thank you to the wonderful team at Proplend.

I agree with 4th Way's reviews of Proplend. I can save much typing and you would gain more from its appraisal than from me.

I have invested with Proplend since around 2019.
For me personally, I preferred the pre-Auto-Lend era, as I had time to assess, choose and bid. The newer Auto-Lend process introduced a couple of years ago confused many, including me; resulting in time consuming enquiry into its rather complex rules.
It means that Auto-lend takes away the choice I previously had in lending, or otherwise penalises me for turning down a loan by turning it off.

On balance I believe that Proplend fares well in its sector. I also believe that its customer enquiry service is one of the most efficient that I have experienced. So I remain a loyal investor, but may now look to diversify my lending platforms as well as my individual loans-parts.

I've been investing via Proplend since 2020. During that time I've maintained a balance of 10-20k. Every loan I've invested in has repaid (tranch A and B). Several have repaid late, but this has resulted in extra 'penalty' interest. The only frustration I've experienced is the wait between transferring funds and that money becoming interest bearing. In general, I'm very happy with my experience.

I receive my tax summary from Proplend showing gross interest. This is incorrect in my opinion. Every other P2P lender provides a statement showing net interest. In effect by using the Proplend figures I am overpaying tax to HMRC. I have complained to the Ombudsman but have been fobbed off with no evidence. Proplend provide no evidence that the fees are not tax deductible. They merely assert this as a fact and assert that HMRC are happy with their approach. And yet every other single P2P lender does the opposite. Presumably HMRC are happy with that approach as well. Absolutely absurd situation. At least provide the figures on both a gross and net basis and allow me to file what I believe is the correct figure!!!

Some years ago, My father suggested that I consider proplend for my saving.
At the time I was earning next to nothing from the bank and building society and this turned out to be the best financial advice I could have had at the time.
My investments have earned a net return of just over 7% during this time and despite COVID and the cost of living crisis.
What I have tended to do is use the interest that is paid monthly towards unexpected expenditure such as replacing my TV , fridge freezer,washing machine and computer I have also put in new flooring and tiled my bathroom.

Thank you proplend.

It seems strange doing a review for Proplend whilst my balance is zero.

Until recently I had the majority of my life savings invested with them. Having just purchased a new flat, I needed to raise every penny I could. I was able to sell all my investments, and they charge just 0.5%.

My investments were made leading up to and during Covid and were unaffected by that, or the cost-of-living crisis.

I look around my flat at the many little luxuries I have been able to afford thanks to the wonderful returns I received from Proplend.

It is my opinion that they are the best P2P site for security of funds and income, and I will be reinvesting with them at the earliest opportunity.

Steven Griffiths.

Been investing with them for a good period now and find the experience high quality

I welcome the opportunity to write this review for Proplend .
In 2006 I was badly injured in a road accident, which resulted in me finding it very difficult to work .
Thankfully, I was awarded a large sum in compensation which then created its own problems. How could I best protect my capital and earn enough to live a reasonably comfortable life ?
Initially I deposited the proceeds with several banks and building societies, until rates dropped to totally unacceptable levels.
My father then suggested P2P lending, especially Proplend .
This advice has proved to be a godsend. I am currently earning a monthly net interest rate of 6-87% with them . I have not lost a single penny of my capital in the numerous investments I have made , and unlike the Banks and building Societies, they do not penalise you with lower interest rates if you invest in their IsA .
If you have a query , you are rewarded with a friendly voice, rather than answer phones and endless irritating music when you ring .
Since investing with them , besides earning a good income, I have actually increased my Capital

Proplend is an amazing platform that I have been using for a number of years now with never any issues. There is a balance to be had to receiving "good rates" and then actually not being paid!

People are moaning below about the rates. My average rate (after commission) with my ISA is 8.6% and there is a lot of money in at that rate. My other account is at 7.6% again after commission.

The important thing that I love about Proplend is that it has not changed its mandate and makes sure your money is protected (although technically it is still at risk). However the other platforms, to make themselves more attractive, "ease" their borrowing requirements and extend the coverage etc. So when a borrower goes to Proplend and they refuse to offer as much borrowing they go to the other platforms.

In addition have you actually tried to sell your "loans" in the other platforms mid term. I have with Proplend and every time I needed money out on the second hand market I had the money in 24 hours. There is not another platform out there that can deliver that. Period.

As a long term Proplend lender I care more about my principle investment than the headline interest rate and Proplend have an excellent credit performance. Kate couldn't be more helpful when you call in.

Long-established lender with Proplend.

Everything was very simple and straightforward in the past: it was announced in advance that loans would launch at a particular time on a particular day and, when it did, everybody could apply to lend whichever sum they wanted when it did.

In recent years Proplend have switched the system to forcing all lenders onto an 'AutoLend' model. This is horrendously complex, you'd need to have a PhD to understand it. So much so that barely a month goes by without some lender or other asking questions trying to understand it on P2P discussions forurms.

This awful AutoLend set-up, the significantly lower interest rates compared to the past, and the ridiculously low caps of the maximum £1k you're allowed to invest in most loans, if you're allocated any sum at all, means Proplend is no longer worth investing via.

On the capped maximum amount of £1k at 6% potential interest, you are earning interest of a mere £60 pre-tax for a year! All for a lot of headache and work.

Customer service is pants too.

Not worth all the hassle anymore.

I'm a relative newcomer to Proplend, but was immediately impressed by the professionalism of the process – I feel my investment is well-looked after and my returns so far have been made on the day I expect them. Informative, intelligent newsletters too,.

Have been with Proplend for a year or so. I started with autolend but have now switched to self select. All my investments are in an ISA and the 6% tax free income is a good outcome. I like the fact that there's a secondary market which I've used successfully. This is an excellent diversification from deposits and equities.

Proplend looks ok, and it's relatively intuitive, but I feel that it's not quite there - especially in comparison with it's competitors. The main problems are; lack of loans, lack of activity on the website, and it feels slightly rigid. If you turn auto-lend on and off, it complains that you can't do it again for a month - it's too strict for someone who is new to the site. Auto-invest self-select doesn't make sense, when you click it, it just says "select a property", but shows no properties to buy. Generally speaking, it feels empty/hollow/rigid, and this makes me feel as though I'm going to be wasting my time depositing funds in there.

The rates are pretty good, but my understanding is that you as the lender pay the fees, not the borrower. It equates to about 10%. The rates are still pretty good.

What I do like, however is that it gives you the ability to invest in tranches - cool idea. ;-)

Proplend, consider this;
Get more loans - maybe reduce the rates by a small amount? Definitely take a look at how the other guys work; Look at Loanpad, Assetz Capital and Kuflink - Kuflink has a similar business model to you. It generally always has 2-3 loans to be funded at any given time. Instead of blank areas too, it fills the page with FAQ about how Kuflink works - this is a good idea.

Anyway, I'm going to watch Propelend for a week, and we can see if any loans come up. :-)

Excellent service and good returns. Very happy to continue investing with this company. Easy to use.

Early days for me but all looks fairly well on Proplend. Decent interest rates.
First Secured low to mid LTV.
Autoinvest tranche A lower risk. The Secondary market option is welcome.
Proplend should be a core part of a multiple of at least 6 separate P2P which makes for a well diversified P2P Portfolio.
This method spreading risk vastly reduces P2P investor risks.

I guess there are two three elements to review firms that you invest with.
The first part is the service they provide and how easy it is to use the platform.
I find that it is a bit clunky and not the most intuitive site to use but given that you are not going to be using this on a daily basis it is certainly adequate and once you become used to where everything is it's ok....This is just a minor irritation and certainly is no reason not to use this organisation,
I really like the way they have divided the risk into three tranches and you can loan according to how much risk you want to accept. I also find the documentation they provide to be thorough and sufficient to start to make informed choices of who you want to invest in.

A downside to this site is you have to be quick. You do have a choice to lend your money automatically and people that do that get first dibs but I am not sure that its a fair way to invest. If you aren't quick then in my experience it is highly likely that you will miss out as new investment funding seems to be a very rapid process with nothing left for stragglers!

The other part of P2P investing is of course managing risk. I haven't been a member for that long but from what I have learned so far I find the propositions to be solid and most of them fall well within my acceptable risk criteria for what are excellent returns for a security backed loan.

So I guess that my review is extremely positive so far. There bad debt rate seems really low and I think they have had only one defaulted account so far but of course this may change over the next few months as we come out of lockdown but whatever happens I think this was an event that was not ever going to be easy to prepare for.

In summary I feel it is a very well run company with some juicy/realistic investment proposals that are not outlandish and easy for anyone with moderate experience to understand and in an era when you simply cannot just leave your money in protected accounts earning paltry returns I am very glad to have discovered them

Suggestion
Would it be possible to have a notepad facilty where you could jot down your thoughts privately as you research...I'd find it helpful to be able to have this facility