Property investment company Cogress has launched its Innovative Finance ISA (‘IFISA’) in a move to diversify IFISA-eligible bonds.
With a minimum investment of £5,000, the bond will offer fixed rates of 5-7.5% p.a interest across three bond series, with returns varying depending on the investment term.
The company expects the majority of investor interest in the bond to come from IFISA investors – both existing users and everyday investors – who will be eligible to invest with Cogress for the first time through an IFISA tax-free wrapper.
Through the IFISA, investors will have the opportunity to play a meaningful role in growing housing stock in the UK by increasing the funds available to developers.
As part of its expansion into this market, Cogress has enlisted property and financial services expert Nicole Bremmer to work as an Independent Director overseeing its bonds offering.
“As a financial services professional, it’s been fascinating watching the IFISA’s journey from unknown investment option to a £1bn product,” Bremmer said.
“Cogress is known for its rigorous due diligence on deals and commitment to both investors and development partners. I’m proud to be part of the team charged with bringing these investment opportunities to UK investors, and increasing the funds available to deploy to SME developers.”
Founded by chief executive officer Tal Orly in 2014, Cogress has successfully built a community of 7,500 registered investors who qualify, all of who have committed £175 million to a portfolio of 55 UK property development projects with a combined value of £1.15 billion.