A round of crowdfunding by digital start-up Property Master that started in January has already beaten its £250,000 target.
The start-up uses algorithms to match the requirements of landlords against the buy-to-let mortgage market.
This successful campaign comes on the back of record increases in Property Master mortgage applications. The company – which launched in May 2017 – saw the value of mortgage applications rise by 83% in January this year and a further 61% increase in the value of business in February.
“Exceeding our funding target is a massive endorsement for our vision to become the destination site for private landlords looking for all they need to support their business, beginning, of course, with the very best mortgage deal,” Angus Steward, chief executive at Property Master, said.
“The property market is being reshaped by new technology platforms such as ours which aim to make life easier for customers by taking the complexity and hassle out of issues such as rising finance.”
Stewart believes that Property Master is well-placed to benefit from the transformation of the private rented sector. He says this is due to landlords being pressured by increased regulatory costs, higher tax bills and the threat of higher interest rates.
Commenting on what landlords need to do, he said: “More than ever they need to ensure they are not over-paying for their mortgages and without a doubt this is fuelling the current record level of mortgage applications Property Master is seeing.”
With this current successful round of fundraising, Property Master is on track to develop a comprehensive range of online services for landlords that will enable the management of properties at a lower cost – including portfolio finance tools of interest to landlords with multiple properties.
It also plans to raise awareness of its customer offering and attract additional landlords to its site by increasing its marketing spend.