Property Bridges is a peer to peer platform for construction finance. With banks pulling out of the market following the crash, developers around the country are unable to undertake attractive real estate projects due to a lack of finance.
We connect experienced developers with property investors through our online platform to supply fast efficient finance. Investors have the opportunity to invest in attractive property-backed loans that were until now only available to banks and institutions.
To give more details on my background, I come from a family that has been involved in construction for many years as a small local developer in County Armagh, N. Ireland. My dad had a successful career but retired early in 2001 as it became harder and harder to access finance. Banks were reluctant to lend to smaller local developers who build vital homes for society. Bank lending almost completely ceased lending following the crash of 2008.
Under advice from my family, I steered away from the construction business and undertook a career in finance, where I gained experience of capital markets. I gathered an understanding of the many layers of intermediation in the banking sector. The investor is so far removed from the end borrower with the institutions in the middle taking a large chunk of fees.
In today's internet age, we are going through a process of disintermediation. Uber is replacing taxi companies, linking you directly with transportation, Airbnb is the largest accommodation company in the world without owning a room. Peer to peer lending will be a major supplier of capital to borrowers without owning the capital themselves, complimenting mainstream lending and supplying finance to much-needed sectors.
Given my family background and the housing crisis in Ireland, I was very interested in how peer to peer lending was being applied to construction finance. This is what motivated me to set up Property Bridges.