CrowdProperty has named Steve Smith as its new head of intermediaries, as it looks to double its broker network.
Smith, who joined the peer-to-peer property development lending platform earlier this month, has 25 years of experience in sales, finance and business development.
He has spent almost a decade working as a broker.
The new appointment comes shortly after CrowdProperty unveiled a £3m investment from Canadian alternative asset investor Flow Capital.
The funding will be used to implement a range of improvements across the platform and application processes, and to support the firm’s expansion over the next three years.
“It’s a really exciting time to be joining CrowdProperty – the recent investment is being used to fuel widespread change, which will enable us to continue to provide an efficient, first class service and quality products, all underpinned by the latest technologies,” said Smith.
“Having worked as a broker for several years, I inherently understand the broker world and am looking forward to leveraging this first-hand insight to enable CrowdProperty to forge greater links with brokers UK-wide.”
Read more: CrowdProperty director warns of rising risks in development finance sector
Damon Walford, chief commercial officer at CrowdProperty, said: “It’s great to have Steve on board. His experience speaks for itself, but more importantly, his broker background will enable us to develop even stronger relations with our broker network, with a view to doubling it and ultimately generating more than £2bn in broker applications.
“While we may be a finance and tech company, we understand the importance of establishing ‘real life’ human relationships with brokers, and with Steve’s experience and personable approach, it’s an area we can really excel in. At the same time, we’re also continuously reviewing and refining our platform to provide our brokers and their clients with a premium service and make their lives easier.”
CrowdProperty was founded in 2013 and started lending in 2014, providing residential property development finance for SME developers. It has lent over £370m to date, repaying over £220m to investors with average realised returns of 7.96 per cent.
At the start of January, CrowdProperty reported its most profitable year to date in its latest annual results. The firm posted operating profit of £1.184m for the year ended 31 March 2023, up from £377,000 the previous year.
