A property listed on residential crowdfunding platform Property Partner reached its funding target in a record 35 minutes, the website has reported.
With investments coming in at a rate of £6,000 a minute, the two-bed flat in Byfleet, Surrey, reached its crowdfunding target at 3.35pm last Thursday after going live at 3pm.
A total of 126 investors from all over the UK bought all the shares in the flat, raising £212,900. The average investment was £1,700 per investor.
Property Partner launched in January and enables people to invest in individual residential properties, just as they can in company stocks. They then receive a monthly rental income — and benefit from any capital growth — in direct proportion to their ownership.
So far, twelve properties with a total value of £3.5 million, have listed on the property crowdfunding platform. The properties range from a £165,000 flat in Ilford, North-East London, to a £435,000 flat in Whitechapel, East London, situated close to a future Crossrail station.
Over 25,000 people have signed up to Property Partner since it launched in January, and nearly 2,000 have made investments through the platform thus far, with individual investments ranging from £50 to over £70,000.
“This latest fundraise breaks all our previous records. To fully fund in just over half an hour beat all our expectations,” said Dan Gandesha, CEO of Property Partner.
“On average, our properties are reaching their funding targets in thirteen days, and as more people hear about the investment opportunities, that time is getting shorter and shorter. The Byfleet property is a prime example of this,” he added.