Proplend launches commercial property VAT loans
Proplend has launched commercial property VAT loans and appointed Peter Bloom (pictured) as a non-executive director.
Bloom brings over 30 years of experience in the acquisition and disposal of commercial property investments, combined with an understanding of VAT lending.
He will assist in launching and growing Proplend’s VAT lending product and contribute to the wider ongoing strategy of the business.
Brian Bartaby, founder and chief executive of Proplend, said: “We are totally commercial property focused. I have been keen to launch a VAT lending product to complement our existing commercial bridge and term loans for a while and meeting Peter was a very timely event.
“The way in which we are operate and are funded means that borrowers will ultimately benefit from a cheaper overall transaction cost”.
“Not only will we be the first platform to offer VAT loans, but we can also save borrowers both time and money by offering a senior debt and VAT loan combination.
“Peter’s 30 years of commercial property experience combined with his visionary VAT lending knowledge, is a very welcome addition to our small and entrepreneurial team.
Bloom added: “Having created the first specialised property VAT lending product, which I launched through Bloomsmith Limited, I was very excited to be invited by Brian to join his team in the next evolution, embedding VAT lending within a FinTech platform.
“Offering VAT bridge loans via Proplend’s technology platform is the next advancement in lending and could not have come at a better time.”